Bitcoin rises as crypto market surpasses $1.2T

ALBAWABA - In the face of continued economic uncertainty and central banks' leaning  towards monetary tightening to combat soaring inflation, the encrypted digital currency market has seen gains in the past few hours, surpassing a combined market value of $1.2 trillion.

Bitcoin, the most powerful and widespread currency in the crypto market, rose to an all-time high of $30,000 this year, accounting for about 47.71 percent  of the total market value of currencies being traded.

The market had previously suffered significant losses due to the economic climate and the collapse of several U.S. banks, leading a large segment of investors towards the encrypted digital currency market.

In trading over the past few hours, the combined market value of encrypted digital currencies has risen by 7.5 percent, gaining about $85 billion, after its total market value rose from $1.126 trillion last week to around $1.211 trillion at present.

Leading the winning digital currencies is Bitcoin, which recorded gains of 3 percent in the past few hours, with weekly gains of 5.4 percent, trading on Tuesday, at a level of $29,244.

Its combined market value has also risen to $565.66 billion. The second-ranked cryptocurrency by market value, Ether, also gained 1.3 percent in the past few hours, with a 5.5 percent increase recorded in the past week, settling at $1,889 in today's trading.

Its total market value has also risen to $218.36 billion.

Other cryptocurrencies in the top 10 have also seen gains, including Cardano, which ranks seventh and recorded gains of 1.7 percent during last week's trading. However, it experienced a 0.2 percent decline in the past few hours, settling at a trading level of $0.391 on Tuesday.

Its combined market value also rose to $13.6 billion, accounting for a market share of 1.12 percent.

Dogecoin cryptocurrency ranks eighth, and while it has risen by 0.4 percent in the past few hours, it suffered significant weekly losses of 10.3 percent, currently trading at a level of $0.0839. Its total market value has also declined to $11.66 billion, accounting for a market share of 0.96 percent of the total combined value of currencies being traded.

Polkadot cryptocurrency, which ranks ninth among the top 10 digital currencies in terms of market value, recorded gains of 2.2 percent during last week's trading, with a 0.7 percent increase in the past few hours, settling at a trading level of $1.11 on Tuesday. Its combined market value also rose to $10.23 billion, accounting for a market share of 0.84 percent of the total market value of currencies being traded.

Solana cryptocurrency, which returned to the tenth position among the top 10 digital currencies, recorded gains of 1.5 percent in the past few hours, with a weekly increase of 1.6 percent, currently trading at a level of $20.69 on Tuesday. Its combined market value remained stable at $8.02 billion, accounting for a market share of 0.66 percent.