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The cryptocurrency market experienced a strong upward movement after a long period of calm. According to data, Bitcoin ($BTC) briefly rose above $69,000, gaining approximately 5.7% in the last 24 hours. Ethereum (ETH) also climbed above $2,100, rising nearly 8.8%. The total value of the cryptocurrency market also increased by 4.7%, reaching approximately $2.4 trillion.

Following the intense investment period in the cryptocurrency sector in 2020 and 2021, the weeding-out process is reportedly accelerating. Ryan Kirkley, CEO of Global Settlement Network (GSN), stated that projects that achieved high valuations but failed to create a sustainable revenue model are beginning to exit the market.