Cryptocurrencies stabilized during these moments of trading on Monday, with Bitcoin (BTC) remaining above $94,000, while a small cryptocurrency saw an exceptional rise in the past few hours.
Jupiter Zheng, partner and managing director of liquidity and research at HashKey Capital, said: Bitcoin has maintained a relatively stable trading range above $92,000 as the Trump administration rolled back some tariff policies towards the cryptocurrency industry. This supportive stance on cryptocurrencies could enhance Bitcoin and other digital currencies' ability to develop market trends that are less correlated with U.S. stocks, allowing for more growth and innovation in the sector.
XRP led the gains among major cryptocurrencies, rising by 4% in the past 24 hours, driven by the approval of an ETF by ProShares, which will see the launch of three futures-tracking products on April 30.
Data showed that Cardano (ADA), BNB Chain (BNB), and Ether (ETH) experienced movements ranging from 1% to 3%.
Monero leads the gains amid general stability
Monero (XMR) was an exception in a market characterized by relative stagnation, rising more than 40% in the past 24 hours. It traded above the $320 mark during the Asian morning hours on Monday, a level not seen since May 2021.
While trading volumes jumped from an average of $50 million on a 7-day moving average to over $220 million in the past 24 hours.
Min Junng, research analyst at Presto, said: There doesn't seem to be a clear catalyst behind the recent rise in XMR's price, suggesting that this movement may be more speculative in nature.
Monero (XMR) relies on the CryptoNote protocol, which ensures that all its transactions are unlinkable and untraceable.
Performance of the broader financial markets