Cryptocurrencies experienced a significant surge in both total market capitalization and 24-hour trading volume on Monday, providing a boost to various alternative coins.
According to data from CoinMarketCap, there was a 55% increase in daily trading volumes, coinciding with a 5% rise in the overall crypto market cap, pushing the total market valuation above $2.5 trillion. This uptrend followed a surge in demand for spot Bitcoin (BTC) ETFs last week, leading BTC to soar over 11% in the past week and hit a price of $69,900.
Altcoins, due to their smaller market capitalization and higher susceptibility to market volatility, tend to display greater percentage gains compared to Bitcoin. As a result, eight altcoins within the top 100 cryptocurrencies recorded gains of at least 10%.
Among these, Pyth Network (PYTH) emerged as the top gainer of the day with a 20.7% price hike, followed by Pendle (PENDLE) with a 19.7% increase and Beam (BEAM) with a 17.2% jump, while Injective’s (INJ) 14.3% surge secured the fourth position. Theta Network (THETA), Bittensor (TAO), SEI (SEI), and Sui (SUI) also saw significant gains of over 10%, ranking fifth, sixth, seventh, and eighth respectively.
The price of Ethereum (ETH), the leading altcoin in the crypto market, rose by 9%. However, the token experienced some price fluctuations in recent hours, possibly due to traders awaiting decisions from the U.S. Securities and Exchange Commission (SEC) regarding spot ETH ETFs.
As previously mentioned by crypto.news, the SEC is set to make decisions on at least two spot Ethereum ETFs this week. The market sentiment could shift in response to the approval or rejection of these investment vehicles backed by Ethereum.
In conclusion, despite the optimism surrounding the recent market uptrend, a Bloomberg analyst suggested that the approval of an Ethereum ETF is unlikely.