Bitcoin and Ether price surge more than 9% on early this week

The market cap of all cryptocurrencies is back above the $1 trillion mark according to CoinMarketCap data, Bitcoin and Ether have a strong price rebound in the top 10 non-stablecoin cryptocurrencies.

Bitcoin(BTC) jumped to 9.60% which is $22,600 and Ethereum(ETH) was at 9.77% to $1,621, both gained around 9% in the late 24 hours, according to CoinMarketCap data. Solana, Cardano, Polygon, Avalanche, Filecoin, and Litecoin surged up to 12%

USD Coin (USDC), the second largest stablecoin by market capitalization regained its dollar peg in the early hours of Monday morning, returning to a price of 99.3 cents, USDC losing its peg to a new all time of 87 cents last Friday when its issuer Circle disclosed that it still holds about $3.3 billion of the cash reserves of USDC in the Silicon Valley Bank.

USDC fell to US$0.8774 on Saturday and its market cap slumped 15% to US$36 billion from US$43 billion. Most investors lose confidence in the USD Coin (USDC) and other stablecoins, this brings doubts and fear among some of the investors.

According to a blog post on Cirlcle its read:

"While USDC can be used 24/7/365 on chain, issuance, and redemption is constrained by the working hours of the U.S. banking system.USDC liquidity operations will resume as normal when banks open on Monday morning in the United States. As a practical matter, our teams are well prepared to handle the significant volume, built on the strong liquidity and reserve assets discussed below. As a regulated payment token, USDC will remain redeemable 1 for 1 with the U.S. Dollar."

The total crypto market capitalization surged by 6.47% in the past 24 hours to $1.01 trillion. The total trading volume over the last 24 hours was down 34.52% to US$60.19 billion.