Baku:Bitcoin's value has once again surpassed the $78,500 mark, reflecting a positive trend in the cryptocurrency market over the past 24 hours. The leading cryptocurrency's price increase comes amid a broader rise in the value of most major digital assets.

According to Azeri-Press news agency, Bitcoin's price climbed by 1.17% to reach $78,530.34. Despite this recent gain, Bitcoin has seen a decline of 1.64% over the past week and 7.22% over the past month.

Other cryptocurrencies also experienced gains, with Ethereum rising by 1.88% to $2,305.35 and BNB increasing by 1.54% to $713.09. Zcash recorded a 3.17% increase, reaching $1,279.72, and Quant saw a slight rise of 0.34% to $200.47. In contrast, Monero, Bitcoin Cash, and Bittensor experienced declines, with respective decreases of 0.42%, 0.41%, and 0.59%.

Gold-backed cryptocurrencies also saw upward movements, with PAX Gold (PAXG) rising by 0.48% to $3,912.64, and Tether Gold (XAUT) increasing by 0.66% to $3,897.34. Additionally, the CoinMarketCap 20 index rose by 1.38%, reaching 159.68 points, while Bitcoin's market capitalization neared $1.58 trillion.

Analysts attribute the recent rise in cryptocurrency prices to increased buying activity and suggest that the market is experiencing a partial recovery following previous declines. However, the ongoing negative monthly performance of major cryptocurrencies suggests that selling pressure has not been entirely alleviated.