Baku:A slight recovery has been observed in the cryptocurrency market, as several major digital assets have increased in value over the past 24 hours following recent declines.

According to Azeri-Press news agency, data from the CoinMarketCap platform indicates that Bitcoin rose by 0.28% over the past 24 hours, reaching $79,657.76. However, the cryptocurrency's price has decreased by 2.88% over the past week and by 5.60% over the past 30 days.

Ethereum saw an increase of 0.57% to $2,309.90, while BNB rose by 0.50% to $737.89. Zcash experienced a significant gain of 3.48%, reaching $1,220.54, and Monero increased by 2.33% to $602.67. Bitcoin Cash rose by 1.98% to $280.91, and Bittensor gained 0.35% to reach $248.36. Quant saw a notable increase, rising by 6.96% over the past 24 hours to $201.64.

In addition to these, slight increases were noted in gold-backed cryptocurrencies. PAX Gold (PAXG) rose by 0.13% to $4,020.97, and Tether Gold (XAUT) increased by 0.14% to $4,010.55. The CoinMarketCap 20 index also rose by 0.40% over the past 24 hours, reaching 161.62 points, while Bitcoin's market capitalization exceeded $1.60 trillion.

Analysts suggest that the positive trend in the cryptocurrency market may be due to investors purchasing at lower prices after the sharp declines of previous days. Nonetheless, the continued negative weekly and monthly performance indicators for major cryptocurrencies suggest that selling pressure has not been entirely alleviated.