After a period of stagnation, the cryptocurrency markets have witnessed
A remarkable recovery on Friday, August 9. Bitcoin recorded a 7.63% gain on international exchanges, reaching $61,285 on CoinMarketCap. The huge surge was attributed to Russiaâs decision to legalize Bitcoin mining.
According to Vikram Subburaj, CEO of Giottus, positive news about Bitcoin mining in Russia and expectations of lower US interest rates contributed to this positive shift.
This recovery was also reflected in Ethereum, which gained 8.17% to reach $2,527. With this, Ethereum was able to break its downtrend against Bitcoin. The CoinDCX research team pointed out the importance of Ethereum surpassing the $2,800 level to maintain its momentum.
Besides BTC and ETH, other coins like Tether, Solana, Dogecoin, Cardano, Tron, Avalanche, Polkadot, and Chainlink also saw gains on the day. Leo, Litecoin, Polygon, Stellar, Cronos, and Cosmos also made gains.
CoinSwitch Markets attributed the rally to renewed investor confidence and optimism, particularly in response to recent regulatory developments that have eased market tensions. However, analysts warned of potential price volatility in the future due to external influences and changing dynamics.
According to CoinMarketCap data, the total cryptocurrency market cap rose by 6.64% in the last 24 hours, reaching $2.15 trillion. On the other hand, coins such as Shiba Inu, Near Protocol, Uniswap, and Aave saw losses on the day.
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