Cryptocurrency Market Surges as Investors Bet on Long-Term Gains

The global cryptocurrency market saw significant gains on Monday as investors' risk appetite increased. Bitcoin led the charge, rising to an intraday high of $79,247 after Strategy Inc.'s purchase of $370 million worth of the asset ended a two-month buying drought.

Ethereum and XRP also traded in the green, with Ethereum's price reaching $2,467.17 and XRP at $1.38.

The spike in cryptocurrency prices was accompanied by a 43% jump in trading volume for Bitcoin, indicating increased investor interest.

Michael Terpin, CEO of Transform Ventures, believes that the latest rally is a confirmation that 'a very long march to the next bull market' has begun. He advises investors to start dollar-cost averaging now, but notes that even if a pullback occurs, he does not expect Bitcoin to fall below $70,000.