Bitcoin and Altcoins Rally as Crypto Market Valuation Reaches $1.11 Trillion

On Friday, the value of Bitcoin increased by 3.30 percent, reaching $29,190, even as the US stock market declined. This rise marked an eight percent gain over the previous week and coincided with an increase in the cryptocurrency market overall, attributed to potential rate stability until December, according to Edul Patel of Mudrex.

In addition to Bitcoin, several other cryptocurrencies experienced gains. Ether rose by 2.23 percent, trading at $1,584, while other cryptocurrencies such as Tron, Polygon, Leo, Stellar, Monero, and Cosmos also recorded profits.

The total market capitalization of cryptocurrencies climbed by 2.93 percent in the last 24 hours, reaching $1.11 trillion. This notable increase was fueled by various cryptocurrency gains and key developments in the industry, such as Chainlink’s announcement of its staking v0.2 launch.

Another significant event was the dismissal of SEC charges against a notable Labs, resulting in a seven percent surge in XRP’s value.

Despite the overall positive trend in the cryptocurrency market, some coins faced declines, including Braintrust, Circuits of Value, and Binance USD.

This week’s market dynamics reflect a sustained interest and investment in cryptocurrencies amid economic uncertainties and evolving monetary policies.