Bitcoin hovered near a one-month high on Monday, topping $22,000 for the first time since June 8 and testing the upper end of its trading range over the past month amid widespread risk sentiment in international markets.

The largest cryptocurrency was at $22,419 at 1:54 pm, up 8%, while Ethereum surged 11% to a five-week high of $1,487.50.

Coins like Avalanche and Polygon also saw double-digit growth. According to CoinMarketCap, the global cryptocurrency capitalization is $1.01 trillion, up 4.03% from the previous day.

The total trading volume of the crypto market in the past 24 hours was $75.31 billion, an increase of 11.84% year-on-year.

The current total transaction volume of DeFi is $6.53 billion, accounting for 8.67% of the total 24-hour transaction volume of the crypto market. The current trading volume of all stablecoins is $67.7 billion, accounting for 89.89% of the 24-hour trading volume of the entire crypto market.

The rise in cryptocurrencies echoed the bullish sentiment in equities, with Asian and European stocks firmly in the green.

The June crypto rout has given way to a sharp rally, with Ethereum up 45% this month and Polygon more than doubling.

Dark clouds still hang over the industry, with persistently high inflation expected to trigger a global monetary tightening. At the same time, last week’s bankruptcy of cryptocurrency lender Celsius Network was another reminder of potential contagion.

Crypto investors have been hurt throughout the year as the Federal Reserve raised interest rates to fight inflation. Trading volumes plummeted in the year’s first half, with spot and derivatives volumes falling on major exchanges.
But according to StoneX’s Youwei Yang, much of the news about the Fed’s aggressive moves has been digested.