🌎 Crypto Market Surges to $2.5 Trillion Amid Bitcoin ETF Demand

Cryptocurrencies saw significant gains in market capitalization and 24-hour trading volume on Monday. Data revealed a 55% jump in daily trading volumes, coinciding with a 5% increase in the total crypto market cap, pushing the market above a $2.5 trillion valuation. This surge followed last week’s increased demand for spot Bitcoin (BTC) ETFs, which led BTC to rally over 11% in the past week, reaching a $69,900 price point.

Altcoins often outperform Bitcoin in percentage gains due to their smaller market caps and higher volatility. As a result, eight altcoins in the top 100 cryptocurrencies gained at least 10%.

Top Altcoin Performers

Pyth Network (PYTH) was the largest gainer of the day with a 20.7% price increase. Pendle (PENDLE) followed closely with a 19.7% rise, and Beam (BEAM) saw a 17.2% jump. Injective (INJ) also performed well, with a 14.3% increase.

Theta Network (THETA), Bittensor (TAO), SEI (SEI), and Sui (SUI) all surged more than 10%, ranking fifth, sixth, seventh, and eighth respectively among the top gainers.

Ethereum’s Performance and Upcoming Decisions

The price of Ethereum (ETH) gained 9%. The token has experienced fluctuations in recent hours, but traders remain cautious due to upcoming decisions from the U.S. Securities and Exchange Commission (SEC) regarding spot ETH ETFs.

The SEC is expected to decide on at least two spot Ethereum ETFs this week. Market sentiment could shift based on whether these investment vehicles, underpinned by Ethereum, are approved or rejected.