Cryptocurrencies jumped in total market capitalization and 24-hour trading volume on Monday, providing a price boon to many altcoins.
CoinMarketCap Data It showed a 55% jump in daily trading volumes that coincided with a 5% increase in the total cryptocurrency market cap, putting the entire market above a $2.5 trillion valuation. The move followed a spike in demand for Bitcoin (BTC) ETFs last week, which saw Bitcoin rise more than 11% last week and reach a price of $69,900.
Altcoins tend to outperform Bitcoin in terms of percentage gains, since these tokens are smaller in terms of market cap and more affected by volatility. As such, eight altcoins among the top 100 cryptocurrencies rose by at least 10%.
According to CoinMarketCap, Pyth Network (PYTH) was the biggest winner today with a 20.7% price increase. Pendle (PENDLE) was in second place with a 19.7% jump, Beam (BEAM) had a 17.2% jump in third place and Injective (INJ) was up 14.3% in fourth place.
Theta Network, Betensor (TAO), SEI, and SUI all rose more than 10%, ranking fifth, sixth, seventh, and eighth, respectively.
Top altcoins bounce ahead of ETF decision
The price of the top cryptocurrency altcoin, Ethereum (ETH), has risen by 9%. The coin has seen price fluctuations in recent hours, but traders may also be cautious due to upcoming decisions from the US Securities and Exchange Commission (SEC) regarding ETH exchange-traded funds.
As previously reported by crypto.news, the Securities and Exchange Commission (SEC) will decide on at least two Ethereum ETFs this week. Market sentiment could shift in either direction based on approval or disapproval of these Ethereum-backed investment vehicles.