Cryptocurrency prices have risen sharply on Monday, with Bitcoin trading above USD 57,000. The world's most valuable and widely used cryptocurrency Bitcoin was trading at USD 57,699, up more than 6 percent. Bitcoin's price recently hit a new high of over USD 69,000, and it's up more than 99 percent year-to-date (YTD). According to CoinGecko, the global crypto market cap has risen to USD2.72 trillion.
Ether, the second-largest cryptocurrency increased by more than 7 percent to USD 4,337. According to CoinDesk, the price of Dogecoin increased by over 3 percent to USD 0.20, while the price of Shiba Inu increased by over 4 percent to USD 0.000039. Other cryptocurrencies, such as Litecoin, XRP, Polkadot, Uniswap, Stellar, Cardano, and Solana, have also had rises in the recent 24 hours.
According to a report by CryptoCompare, investors shifted their holdings to Bitcoin alternatives as assets under management (AUM) of bitcoin-based crypto funds plummeted 9.5 percent to USD48.7 billion in November, the highest month-over-month drop since July. This resulted in a minor monthly drop in AUM of USD74.7 billion, or -5.5 percent, to USD70.0 billion for all crypto funds or digital asset management products.