The global cryptocurrency market rebounded on Friday, with the leading token Bitcoin, rising back above the $23,000 level.
The leading cryptocurrency, Bitcoin gained 4.41 percent and was trading at $23,614, which has risen around 30 percent since its June low.
Bitcoin has been in recovery mode so far this week, in line with the stock market, as investors appear more optimistic about the U.S. Federal Reserve's ability to rein in decades-high inflation.
On the flip side, Ether, the second largest cryptocurrency in terms of market capitalization, jumped over 10.06 percent to 1,638 over the previous day, according to Coindesk data at 17:31 IST.
Other popular altcoins, which tend to move in tandem with bitcoin, also rose. Shiba Inu, the second-largest meme coin, gained 5.34 percent to $0.000012 however the most followed meme coin Dogecoin zoomed 3.68 percent to $0.070910.
The global cryptocurrency market cap increased to 4.28 percent to $1.07 trillion in the last 24 hours. However, the total cryptocurrency trading volume decreased 12.53 percent to $78.15 billion.
Meanwhile, out of a total market cap, bitcoin's dominance is 41.95 percent, an decrease of 0.52 percent over the day, as per CoinMarketCap data at 17:04 IST.
Meanwhile, two Indian brothers and their Indian-American friend have been charged in the US in the first-ever cryptocurrency insider trading scheme in which they made illicit profits totalling over a million dollars, reported Bloomberg.