Investing.com – Bitcoin made a bold start to the second half of the year rising more than 4% Monday on the back of renewed demand for cryptos.
Bitcoin rose 4.81% to $6,634.5 on the Bitfinex exchange, to remain just below a session high of $6,681.2.
The move higher in bitcoin was supported by signs of renewed demand for cryptocurrencies as billions of new inflows poured into the market amid expectations that the popular crypto can mount a sustainable rebound in the second half of the year.
The total market cap of cryptocurrencies rose to about $269 billion, at the time of writing, from $245 billion last week, but remained about 60% below the total crypto market cap seen in January.
Despite the bounce Monday traders remained wary of initiating large bullish bets on bitcoin as its previous advances from multi-month lows have been met with heavy selling pressure.
Bitcoin fell more than 60% in the first half of the year to its lowest level since November.
Other large-cap cryptos followed bitcoin's move higher, rising sharply from lows last week.
Ripple XRP rose 7.81% to $0.49200 on the Poloniex exchange, while Ethereum rose 6.29% to $477.74.
Bitcoin Cash rose 7.21% to $782.53, while Litecoin rose 8.02% to $85.27.