Bitcoin, the leading currency, has enjoyed a bullish momentum over the previous days and regained the $23,000 level. The token, priced at $23,601, rose 8.36 percent on July 20. In the last seven days, bitcoin has gained around 17 percent.
On the other side, Ether, the second-largest cryptocurrency, has been consistently outperforming the leading cryptocurrency. The token climbed by 2.60 percent to around $1,583 over the previous day, according to Coindesk data at 16:22 IST.
Other popular altcoins, which tend to move in tandem with bitcoin, also rose. Shiba Inu, the second-largest meme coin, jumped over 9.75 percent to $0.000013 and the most followed meme coin Dogecoin gained 11.15 percent to $0.074138.
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The global cryptocurrency market cap increased to 4.43 percent to $1.07 trillion in the last 24 hours. On the flip side, the total cryptocurrency trading volume decreased 1.82 percent to $104.67 billion. However, out of a total market cap, bitcoin's dominance is 42.22 percent, an increase of 1.10 percent over the day, as per CoinMarketCap data at 16:32 IST.
Meanwhile, Finance Minister Nirmala Sitharaman said on Monday, 18th July that the Reserve Bank of India (RBI) has recommended to the government that it should frame regulations for cryptocurrencies. The Indian government wants an international collaboration if such a ban has to be put into effect, said Sitharaman.