The cryptocurrency market made a strong comeback on Monday, with Bitcoin surging past $47,000 for the first time in nearly two years. This surge was fueled by the excitement surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the US.
Bitcoin, the original cryptocurrency, rose sharply from $43,280 in early morning trade in Asia to $47,193 during the US session, the highest price since April 2022. Its market cap reached $919.5 billion and trading volumes increased by 103% to $43.2 billion in the last 24 hours.
Ethereum, the third largest crypto, also saw a rise of 5.5% to $2,311 in the past 24 hours. Its market cap reached $277.9 billion and trading volumes increased by 68% to $13.2 billion.
While Tether (USDT) prices remained stable, BNB and XRP prices saw a slight increase of 1.8% and 2.3%, respectively. Other top 10 cryptocurrencies also experienced a sharp rise, with Solana (SOL) jumping 16%, Cardano (ADA) rising 11%, and Avalanche (AVAX) surging 14%.
Even popular meme coins, Dogecoin and Shiba Inu, saw their prices increase by 5.2% and 7.5%, respectively. This positive sentiment was reflected in the overall crypto market, which surged by 7% to reach $1.72 trillion. The fear and greed index also showed a positive investor sentiment at 74.
Top 3 Cryptos For Today:
Pepe Coin Price Rallies 11%:
Pepe Coin saw a significant increase of 11% in the past 24 hours, reaching a price of $0.000001184 and a market cap of $498.3 million. Its trading volume also increased by 1.5% to $86 million.
SEI Price Jumps Over 17%:
The Sei Network’s token saw a jump of over 17% in the last 24 hours, with a current price of $0.7224 and a market cap of $1.6 billion. Trading volumes also increased by 13% to $731.5 million.
Lido DAO Gains 8%:
Lido DAO (LDO) token has been on a roll, seeing an 8% increase in the past 24 hours to reach a price of $3.13. Its market cap is now at $2.8 billion, and trading volumes reached $169.2 million, though they did drop by 4% in the last 24 hours. This token has seen a significant appreciation of 26% in the past 30 days.
It’s also worth noting that the fear and greed index shows a positive sentiment among investors, reaching 74. This positive sentiment is also reflected in the charts of these top cryptocurrencies, as shown below.
In conclusion, the cryptocurrency market has seen a strong resurgence, with Bitcoin leading the way and other top cryptocurrencies following suit. With the potential approval of a Bitcoin ETF in the US, the market is expected to continue its upward trend.
