Cryptocurrencies experienced a significant surge in both total market cap and 24-hour trading volume on Monday, providing a price boost to various alternative coins.
According to data from CoinMarketCap, there was a 55% increase in daily trading volumes, accompanied by a 5% rise in the overall crypto market cap, pushing the total market valuation above $2.5 trillion. This uptrend came on the heels of heightened demand for spot Bitcoin (BTC) ETFs last week, leading to a more than 11% rally in BTC’s price, which peaked at $69,900.
Altcoins typically outperform Bitcoin in terms of percentage gains, given their smaller market cap and susceptibility to market volatility. Consequently, eight altcoins within the top 100 cryptocurrencies saw gains of at least 10%.
Pyth Network (PYTH) emerged as the top performer of the day, with a 20.7% price increase, followed by Pendle (PENDLE) at 19.7% and Beam (BEAM) at 17.2%. Injective (INJ) also saw a significant jump of 14.3%, securing the fourth spot.
Theta Network (THETA), Bittensor (TAO), SEI (SEI), and Sui (SUI) all experienced gains of over 10%, claiming the fifth, sixth, seventh, and eighth positions respectively.
The price of the leading altcoin Ethereum (ETH) also saw a 9% increase. However, ETH’s price has been volatile in recent hours, possibly due to traders being cautious ahead of upcoming decisions from the U.S. Securities and Exchange Commission (SEC) regarding spot ETH ETFs.
As previously mentioned by crypto.news, the SEC is expected to make decisions on at least two spot Ethereum ETFs this week. The market sentiment could swing in either direction depending on whether these investment vehicles backed by Ethereum are approved or rejected.
In conclusion, the cryptocurrency market witnessed a significant uptick in trading volume and market cap, with altcoins leading the charge in percentage gains. The potential approval of Ethereum ETFs could further impact market dynamics in the near future.