Crypto market update: Bitcoin rises to new five-month high

Total cryptocurrency market capitalisation holds above $2.3trn

The capitalisation of the total cryptocurrency market returned above the $2.3trn (£1.7trn) benchmark by noon on Monday, having slumped to $2.1trn over the weekend, according to CoinMarketCap. 

Bitcoin traded up by 1.2% at $56,248, having risen to a new five-month high of $56,785 earlier in the day. The world’s first and largest cryptocurrency’s market capitalisation stood 2.2% higher at $1.06bn, while trading volume traded up by 13.8% to $41.1bn. 

Ethereum traded 0.4% higher at $3,549, up 13.8% since the start of the month. The second-largest cryptocurrency’s market capitalisation stood flat at $419.6bn, while trading volume witnessed a 23.3% jump to $18.3bn. 

Among other prominent cryptocurrencies, Shiba Inu enjoyed the largest gains, rising by 13.5% to $0.00002921. The dogecoin-inspired cryptocurrency last week rose to a five-month high of $0.00003488. 

With a 45.9% share, Bitcoin’s progress could be said to be holding the line, as smaller coins in the market stumbled. The likes of Solana, Filecoin and XRP, for example, traded down by 3.3%, 4.7% and 3%, respectively. 

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Largest winner

Across the wider digital asset space, GreenMoon (GRM) enjoyed the largest gains, rising by 4,653% to $0.00001745. The five-day old token has risen by 174,439% since its inception. 

Largest loser

Galabet Casino (GALABET) suffered the largest losses, slumping 98% in 24 hours to $0.0001467. 

The Blockchain Casino token on the Binance Smart Chain began trading on Sunday, reaching a high of $0.009198. 

All prices correct as of 12:30 BST (UTC -1).

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