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Monero leads crypto market pumping 20% as Bitcoin returns above $40k level

Monero leads crypto market pumping 20% as Bitcoin returns above $40k level

Bitcoin (BTC) surpassed the $42,000 mark on March 9 – increasing by more than 8% in one day – as US President Joe Biden prepared to sign an executive order outlining the government’s cryptocurrency policy.

Following the signing of the order, the White House is anticipated to urge government agencies to investigate the legal and economic ramifications of establishing a central bank digital currency (CBDC) by the United States.

BTC has increased by more than 8.4% in the previous 24 hours, although it is still down by more than 4% when compared to its value a week ago. Currently, the flagship digital asset has a total market worth of $802 billion trading at $42,132.

BTC 7-day price chart. Source: CoinMarketCap

Indeed, Bitcoin went from $733 billion and $802 billion in the last 24 hours, a total influx of almost $70 billion, according to CoinMarketCap statistics.

Privacy coin Monero leads crypto market gains

Elsewhere, privacy coin Monero (XMR) leads the crypto market out of the top 100 cryptocurrencies by market cap in terms of gains as XMR is currently changing hands at $196.61 up 20.73% in the last 24 hours and 11.2% in the last week.

Privacy coins lead crypto market gains. Source: CoinMarketCap

Other privacy coins such as Zcash (ZEC) up 16% on the day and Secret (SCRT) up 15% also feature in the top five coins in terms of gains, respectively.

In second place by market gains is Terra (LUNA) up 17% on the day and 8% in the last week with a total market cap of $35.3 billion.

A few days ago, the Terra network surpassed the Ethereum network in terms of total staked value. LUNA, Terra’s native token, had a total staked value of over $26 billion, according to cryptocurrency staking statistics service Staking Rewards, compared to Ether, which had a total staked value of more than $24 billion.

Global crypto market up 6%

The global crypto market cap is $1.84 trillion, at the time of publication a 6.2% increase over the last day.

In total, the overall cryptocurrency market volume during the previous 24 hours has reached $95.68 billion, representing a rise of 8.5%. 

Global crypto market 1-day chart. Source: CoinMarketCap

Meanwhile, the volume of DeFi is presently $15.92 billion, reflecting 16.63% of the overall 24-hour volume of the cryptocurrency market, while the volume of all stable currencies is currently $80.37 billion, marking 84.00% of the whole 24-hour volume.

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