Bitcoin and Ethereum led a strong rebound in the cryptocurrency market on Monday, driving total market capitalisation above $3.6 trillion as investors snapped up digital assets amid hopes that the U.S. government shutdown will soon end.
Optimism over a potential resolution in Washington lifted risk sentiment globally, with international stock markets tracking U.S. futures higher and the dollar gaining modestly. The renewed demand for top cryptocurrencies pushed the overall market up more than 5% at the start of the week.
Trading data indicated that other tokens, or altcoins, joined the rally, reversing the selling pressure that weighed on the market last week. According to CoinMarketCap.com, Bitcoin gained over 4.3% in the past 24 hours, with a significant trading volume of $70.25 billion during the same period.
As a result, the market capitalisation of the world’s largest digital asset surged to $2.115 trillion early Monday, after briefly dipping below $2 trillion last week. Bitcoin was trading at $106,100 at the time of writing.
Ethereum also rallied, climbing 6.43% in 24 hours to trade at $3,609, reflecting a strong return of buying interest. The price increase has pared Ethereum’s weekly loss to below 2%.
Both assets had faced heightened volatility in recent weeks amid investor caution and expectations of a slower pace of U.S. Federal Reserve rate cuts in December. That period was marked by fear-driven trading, widespread liquidations, and leveraged losses across the crypto market.
The latest upswing in cryptocurrencies aligns with a broader rebound in risk assets after the U.S. Senate took significant steps toward ending the government shutdown that has delayed key economic data releases for weeks.
Late on Sunday, eight Democrats joined Senate Republicans in advancing a House-passed short-term funding measure, marking the first substantial progress in weeks toward reopening the government.
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