Bitcoin, the world’s largest cryptocurrency by market capitalization, jumped by 11 percent on Monday, pushing its prices above $6,900 for the first time in two weeks.
CoinDesk’s bitcoin price index shows that just after 5:00 UTC on Monday, bitcoin’s price saw a sudden jump by $400 over the course of 60 minutes, pushing the price momentum to further reach as high as $6,960 at 6:45 UTC – a level not seen since Sept. 6.
As of press time, bitcoin’s price has dropped back slightly to around $6,800.
Meanwhile, the overall cryptocurrency market has also seen a similar rebound roughly at the same time.
According to data from CoinMarkCap, the total crypto market capitalization saw a sudden rebound right after 5:00 UTC and reached above $207 billion before 6:00 UTC, recording a 3 percent growth within 60 minutes.
The top 10 cryptocurrency assets by market capitalization are also having a two to eight percent growth over the last 24 hours with ethereum, XRP and bitcoin seeing the biggest growth so far.
Also notably, among the top 10 crypto assets, USDT, the U.S. dollar-pegged cryptocurrency launched by startup Tether, is the only asset that is experiencing a decline of more than 2 percent right now, which just reached a year-low at $0.96.