Cryptocurrencies rallied sharply on Monday as investors jumped back into the market. Bitcoin traded over $53,000 for the first time since November 2021, and that's pulling the entire market higher.

Even bigger moves took place. Ethereum (CRYPTO: ETH) jumped 8.3% since the close of the market on Friday, NEAR Protocol (CRYPTO: NEAR) was up 21.3% on Monday, and (NASDAQ: COIN) jumped 16.9%. Bitcoin miners Marathon Digital and Riot Platforms were up 21.7% and 17%, respectively at the end of trading today. This is the momentum that's been forming for a while, but for some, it may last.

The Ethereum blockchain will get an upgrade called Dencun in mid-March that's expected to increase throughput and reduce costs on the blockchain. This could make the blockchain much more usable for utility, which has always been the cryptocurrency's promise.

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Source Fool.com