Market volatility prompts rally of more than 10% in eight altcoins
Cryptocurrencies experienced a significant surge in both total market cap and 24-hour trading volume on Monday, providing a price boost to various altcoins. According to data from CoinMarketCap, daily trading volumes increased by 55%, coinciding with a 5% rise in the total crypto market cap, pushing the market’s valuation above $2.5 trillion. This surge followed the high demand for spot Bitcoin ETFs last week, which resulted in an 11% rally in BTC’s price and reaching $69,900.
Altcoins, being smaller in market cap and more susceptible to volatility, tend to outperform Bitcoin in terms of percentage gains. Consequently, eight altcoins within the top 100 cryptocurrencies experienced gains of at least 10%. Pyth Network (PYTH) was the most significant gainer of the day, with a 20.7% increase in price. Pendle (PENDLE) followed closely in second place with a 19.7% gain, while Beam (BEAM) secured a 17.2% jump, ranking third. Injective (INJ) took fourth place with a 14.3% hike. Theta Network (THETA), Bittensor (TAO), SEI (SEI), and Sui (SUI) all surged by over 10%, claiming the fifth, sixth, seventh, and eighth positions, respectively.
The price of Ethereum (ETH), the leading altcoin in the crypto market, saw a 9% increase. However, the token experienced price fluctuations in recent hours, possibly due to traders exercising caution ahead of the U.S. Securities and Exchange Commission’s (SEC) decisions on spot ETH ETFs. As previously reported by crypto.news, the SEC is expected to decide 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 receive approval or rejection.
Overall, the surge in altcoin prices and the anticipation surrounding the SEC’s ETF decisions have created an optimistic but cautious atmosphere in the cryptocurrency market.
