On Monday, the total value of crypto currencies and their 24-hour volume of trading soared. This was a boon for several altcoins.
CoinMarketCap data The data showed that daily volumes increased by 55%, while the market capitalization rose 5%. This puts the market at a valuation of $2.5 trillion. It was in response to a surge in demand for Bitcoin spot last week.BTCETFs led to a BTC rally of over 11% during the week. The price reached $69900.
Altcoins often outperform Bitcoins in terms of percentage gain, as these tokens’ market caps are lower and they suffer more from volatility. In the top 100 cryptocurrency list, 8 altcoins gained at least 10 percent.
According to CoinMarketCap’s data, Pyth Network PYTH was the biggest gainer on the day. The price increased by 20.7%. Pendle’s price jumped 19.7%, Beam’s was 17.2% and Injective (INS) was at third place with a jump of 17.2%.INJThe 14.3-mile hike is ranked third.
Theta network (THETA), Bittensor TAO, SEISEISui (SUI) all surged more than 10%, and placed fifth, sixth, seventh, and eighth respectively.
The top altcoins are bouncing ahead of the ETF decision
Ethereum is the most popular altcoin among cryptos.ETHThe token gained 9%. Token prices have fluctuated in the last few hours. However, traders could also be to blame. cautious Due to upcoming decisions by the U.S. Securities and Exchange Commission on spot ETFs.
The crypto.news previously reportedThe SEC is expected to make a decision on two Ethereum spot ETFs in the coming week. These investment vehicles backed by Ethereum could have a major impact on the market’s sentiment.
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Source: crypto.news
