Bitcoin approaches $74,000 as crypto market capitalization rises

The capitalization of the global cryptocurrency market increased by 0.97% over the past 24 hours, reaching $2.48 trillion, APA-Economics reports.

According to the CoinMarketCap platform, the price of Bitcoin, the largest cryptocurrency by market capitalization, rose by 0.76% to $73,710. Ethereum increased by 1.50% to $2,016, while BNB gained 0.61% to reach $637.

Digital assets pegged to the price of gold also posted gains. PAX Gold rose by 2.73% to $4,509, while Tether Gold increased by 2.74% to $4,499.

Among other assets, Zcash gained 3.57%, Bittensor rose by 0.98%, and the CoinMarketCap 20 Index DTF increased by 0.79%. Meanwhile, Monero fell by 5.37% and Bitcoin Cash declined by 5.78%.

According to analysts, the growth was driven by continued demand for safe-haven assets and stronger buying activity in the cryptocurrency market following recent sell-offs. In particular, the appreciation of gold-backed digital assets had a positive impact on overall market capitalization.