The price of bitcoin surged 14% to more than $44,000 on Monday.

Bitcoin K-line chart

Interestingly, the first cryptocurrency's price increase occurred against the backdrop of falling indices – 0.25% for the S&P 500 and 0.5% for the Dow Jones – as well as against the backdrop of Western sanctions imposed on Russia by the Federation.

Traditionally, Ether shows positive dynamics along with Bitcoin. The price of ETH almost broke the $3,000 mark, but is still below psychologically important levels.

The total market cap of the cryptocurrency market grew by 11.48% in 24 hours. The fastest growing token was Waves, which spiked 42% in one day or more than 100% in five days.

Glassnode analysts believe that investors who bought bitcoins for $60,000 eventually capitulated and sold their bitcoins to new owners for $35,000-$38,000. This marks the formation of a price bottom, but it's still just speculation.