coinspress.com
On Monday, Bitcoin surged past the $56,000 mark, reaching its highest value since November 2021, signaling a breakout from recent trading inertia.
This surge has reignited momentum in the cryptocurrency market, with notable activity observed across various assets.
Current figures show Bitcoin trading at $56,400, marking a 8% gain in the past 24 hours.
Following suit, Ethereum, a significant player in the market, experienced an uptick, rising by nearly 2% to reach $3,260, its highest point in 22 months.
Insights from QCP Capital shed light on the increased activity in altcoins, with funding rates for these assets spiking to levels as high as 40% annually in perpetual swaps.
The forward curves for both Bitcoin and Ether have also shown considerable upward trends, presenting yields of up to 17% at certain intervals.
However, QCP Capital cautions against excessive optimism, noting that such speculative movements in altcoins and elevated funding rates often signify mid-cycle phenomena that may prove difficult to sustain. This suggests the possibility of a price correction following the recent surge.
READ MORE: Major Financial Platform Gives Nod to Select Bitcoin ETFs
As of Monday, the global cryptocurrency market cap stands at $2.08 trillion, reflecting a 3.8% change over the past 24 hours and a significant 91.7% change compared to a year ago. Bitcoin’s market cap currently sits at $1.06 trillion, representing a dominance of 48.53%.
Meanwhile, stablecoins command a market cap of $141 billion, constituting 6.53% of the total cryptocurrency market cap.