Overview
On Monday, the cryptocurrency market experienced a significant surge in both total market capitalization and 24-hour trading volume. This rally provided a substantial price boost to several altcoins, with eight of them seeing gains of over 10%.
Market Data
According to CoinMarketCap, daily trading volumes jumped by 55%, coinciding with a 5% increase in the total crypto market cap. This surge pushed the market valuation above $2.5 trillion. The recent demand for spot Bitcoin (BTC) ETFs played a crucial role in this movement, as BTC itself rallied over 11% in the past week, reaching a price of $69,900.
Altcoin Performance
Altcoins, which often outperform Bitcoin in percentage gains due to their smaller market caps and higher volatility, saw significant price increases. Here are the top performers:
| Rank | Altcoin | Percentage Gain |
|---|---|---|
| 1 | Pyth Network (PYTH) | 20.7% |
| 2 | Pendle (PENDLE) | 19.7% |
| 3 | Beam (BEAM) | 17.2% |
| 4 | Injective (INJ) | 14.3% |
| 5 | Theta Network (THETA) | 10%+ |
| 6 | Bittensor (TAO) | 10%+ |
| 7 | SEI (SEI) | 10%+ |
| 8 | Sui (SUI) | 10%+ |
Ethereum’s Movement
The top altcoin, Ethereum (ETH), also saw a notable price increase of 9%. However, its price has been volatile in recent hours. Traders are keeping a close eye on upcoming decisions from the U.S. Securities and Exchange Commission (SEC) regarding spot ETH ETFs. The SEC is expected to make decisions on at least two spot Ethereum ETFs this week, which could significantly impact market sentiment.
Conclusion
The cryptocurrency market is currently experiencing high volatility, leading to substantial gains for several altcoins. As the market awaits crucial decisions from regulatory bodies, traders should remain cautious and stay informed about potential market shifts.
Sources
- Eight altcoins rally 10+% as volatility swings market, crypto.news.
