Crypto rally continues: Bitcoin tops $31,000, Ethereum over $1,954

The world's largest and most popular virtual currency, Bitcoin, notched its highest price in over a year on Tuesday. Bitcoin rose 1.11 percent to $31,016. Its market value stood at $603.21 billion. The trade volume was at $15.80 billion.

Meanwhile, the second largest virtual currency, Ethererum or Ether, gained 0.41 percent to $1,953.34 with a market capitalisation of $234.98 billion. The trade volume of Ethereum was $7.78 billion in the last 24 hours.

Meme-based virtual currency, Dogecoin, was up 0.57 percent. Its market value stood at $9.58 billion. The trade volume was at $296.36 million.

Not only this, Shiba Inu also rose 0.52 percent with a market capitalisation of $4.57 billion. The trade volume was $114.89 million in the last 24 hours.

Since June 30, bitcoin has held firmly above $30,000 per coin aside for a brief dip below that mark. However, the price is now comfortably above $31,000 once again. But yet, Bitcoin and Ethereum remain 55% and 57% down from all-time highs of $69,000 and nearly $4,900, respectively, which were both set in November 2021.

Bitcoin and Ethereum make up over 65% of the total crypto market, and several altcoins have faced pressure in the wake of enforcement actions from the Securities and Exchange Commission.