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Bitcoin price regained value above $62k following a $40 billion inflow in a few hours





 Bitcoin (BTC) price has bounced back above $62,000 after dropping below $60,000 during the early hours on Monday, November 1, 2021.

Notably, it took just over three hours for Bitcoin's market value to rise from $1.13 trillion to $1.17 trillion during the morning hours of trading on Monday resulting in a $40 billion increase.

Presently, the digital currency is trading at $62,185, up 1,85% in the last 24 hours and down 0.98% over the previous seven days taking its market value to over $1.17 trillion, according to CoinMarketCap.com

Bitcoin_price_chart
Bitcoin 1 day price chart. Source: CoinMarketCap

Michael van de Poppe the crypto trading analyst said Bitcoin reclaiming $60,000 means that the asset's price movement is "going according to plan."

In the wake of the cryptocurrency's October rise, central banks in the United States, the United Kingdom, ad Australia will gather to examine the issue of inflation and consider policy responses.

Altcoins

Ethereum, after reaching a new all-time high on October 29 of $4,400, is now changing hands at $4,309, up 0.70% on the day and  4.04% in the last week.

However, the value of meme cryptocurrencies such as Dogecoin (Doge) and Shiba Inu (Shib) has increased significantly in the previous 24 hours. Shiba Inu has gained almost 11.8% in the past day, whereas DOGE has gained more than 2.6% within the same time frame.

Global Crypto Market

The overall market capitalization of cryptocurrencies is $2.65 trillion, marking a 1.76% increase over the previous day's value.

Global crypto market 1-month chart. Source: CoinMarketCap

Over the previous 24 hours, the market volume has decreased by 11.32% to $135.22 billion. The overall volume in Defi is presently $18.11 billion, accounting for 13.39% of the entire 24-hours volume in the market. Finally, the volume of all stable currencies is currently $103.99 billion, accounting for 76.91%.



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