Cryptocurrency prices rose collectively during Monday's trading, led by Bitcoin, despite ongoing geopolitical tensions in the Middle East.
Cryptocurrencies recorded a sudden rise amid expectations of a corrective price movement paving the way for a new surge soon, especially Bitcoin.
U.S. President Donald Trump confirmed last Thursday his continued support for the cryptocurrency sector. He reiterated his promises to make the United States a capital of the digital currency industry.
Trump revealed plans to establish clear frameworks in an attempt to enable his country to lead the future of the crypto market, confirming cooperation with Congress to pass the "GENIUS" law that supports dollar-backed stablecoins.
The price of Bitcoin witnessed a slight increase during today's session, rising by about 0.49% to be traded at $106,604.7.
The market value of the world's most popular cryptocurrency increased to $2.12 trillion, while its trading volume over the last 24 hours rose to $1.15 billion.
As for the prices of other cryptocurrencies, the price of Ethereum rose by about 2.33% to reach $2,610.27, after losing more than 9% last Thursday due to investors' aversion to high-risk assets, amid escalating prospects of the conflict in the Middle East region.
The price of Binance Coin increased by about 0.72% to record $654.60, and the price of Cardano rose by about 1.65% to reach $0.6445.
Ripple recorded an increase of about 1.01% to reach $2.1825, while there was no significant change in the price of Dogecoin, which was traded at $0.177880.