Bitcoin gained for a third day, leading most digital currencies higher, as bargain hunters looked to capitalise on ‘cheap’ prices compared with all-time highs seen in November.
The largest digital currency by market value jumped 4.7% to US$31,180 while its closest rival, Ethereum, rose 4.2% to US$1,870.
Both leading coins are more than 50% below their peaks as the war in Ukraine, soaring inflation and a series of Coronavirus (COVID-19) lockdowns in China sent the global economy into turmoil, with investors forced to seek safer assets.
“If you look at the number of days that Bitcoin spent trading near its lows after falling from its all-time high, that ratio tells us that a rebound could be around the corner and traders must pay attention to these details,” Naeem Aslam, Avatrade chief market analyst, said.
95 of the top 100 coins were trading higher.
This echoed broader markets, with London's blue-chip index having soared 1.2% on Monday morning following the confirmation of Prime Minister Boris Johnson's vote of no confidence.
Cardano and Avalanche were the standout risers, up 12% and 10% respectively.
Further down the pecking order, Tezos and Theta Network both soared 11%.
The only digital currency to decline by more than 1% was Elrond, down 6.0%.