Bitcoin rallied on Monday, extending its gain for the fifth day, its longest winning streak since September. It rose 6.5% to $43,575 after investors returned to risky assets in global markets.
Ethereum also gained 6%.
But the largest increase was seen in Ripple, which jumped 18%. Dogecoin also surged 13%, while Shiba Inu rose 47%.
There was a sharp rebound in global markets in recent weeks because investors took into consideration the tighter policies of central banks. That is why it was not surprising that after reaching an all-time high of nearly $69,000 in early November, Bitcoin lost about 50% of its value in what is known as the "crypto winter".
SIMETRI Research analyst Nathan Batchelor said: "On a fundamental level little has changed for Bitcoin since last Friday, so we could be seeing a short squeeze in the market. A quick glance at the order book data shows that the market is still positioned short, so a break above the $43,000 level could cause the current up move to target towards the $45,000 level."
The correlation between crypto and stocks also grew stronger in the past months. At the moment, the correlation between Nasdaq and Bitcoin is 0.43.
Coinshares also reported that inflow accelerated to approximately 85 million dollars, with the biggest one, around 71 million, came from Bitcoin. Ethereum has an outflow of around 8.5 million, while small inflows accounted for Cardano, Solana and Polkadot.
