Bitcoin jumps to its highest in over a month as crypto market cap jumps back over $1T

Bitcoin (BTC-USD) is bouncing to its highest level in over a month in early Monday morning trading, as the global crypto market cap tops $1T again in a broader risk-on day. Over the past 24 hours, bitcoin (BTC-USD), the world's largest digital token by market cap, is climbing 3.2% to $22.05K and ethereum (ETH-USD) is jumping 8.9% to $1.47K as of shortly before 9:00 a.m. ET. Still, both coins are off well over 60% from their November 2021 peaks. As for the largest percentage winners among major cryptos during intraday trading, cardano (ADA-USD) +7.8%, polygon (MATIC-USD) +16.6%, avalanche (AVAX-USD) +9.3% and ethereum classic (ETC-USD) +17.7% all are experiencing relief. The crypto upswing comes as stock futures point to a higher open, with contracts on the tech-heavy Nasdaq (NDX:IND) +1.1%, S&P 500 (SPX) +0.8% and Dow Jones (INDU) +0.8%. Bitcoin (BTC-USD), in particular, is up over 10% since headline consumer price inflation came in at a fresh 40-year high last week. "When the market starts reacting positively to negative news, this is a signal that a local bottom could be in for now, as fear may have caused the news to be priced in," GlobalBlock analyst Marcus Sotiriou wrote in a note. While cryptos are seeing somewhat of a recovery, the move may not be a sustainable relief rally like most are hoping as financial contagion effects triggered by the collapse of algorithmic stablecoin TerraUST (UST-USD), crypto exchange Cels...