Sharp rise in cryptocurrency market: Bitcoin price exceeds $85,000

Most major assets in the cryptocurrency market have recorded significant price increases over the past 24 hours, APA-Economics reports.

Bitcoin rose by 4.84% over the past 24 hours to $85,412.18 on the CoinMarketCap platform.

Ethereum increased by 2.45% to $2,731.48, while BNB rose by 1.64% to $789.36. A sharper increase was recorded in Bittensor, which surged by 17.80% to $315.14. Bitcoin Cash also gained 4.07%, reaching $265.17.

Meanwhile, Zcash declined by 3.51% to $1,461.28, while Monero fell by 0.67% to $574.26.

The CoinMarketCap 20 index rose by 4.62% over the past 24 hours to 177.62 points. Bitcoin's market capitalization approached $1.72 trillion.

Analysts say the rise in the cryptocurrency market comes amid increased risk appetite in global markets, declining oil prices, and falling US Treasury yields. In addition, expectations of a possible easing of geopolitical tensions have also boosted investors' interest in risky assets.