Eight altcoins rally 10+% as volatility swings market

Cryptocurrencies increased in total market capitalization and 24-hour trading volume on Monday, providing a price advantage for many altcoins.

CoinMarketCap data showed that a 55% increase in daily trading volumes coincided with a 5% increase in the total crypto market cap, pushing the entire market above a $2.5 trillion valuation. The move follows a surge in demand for spot Bitcoin (BTC) ETFs, which triggered an over 11% rise in BTC last week, reaching a price of $69,900.

BTC weekly price chart | Source: CoinMarketCap

Altcoins outperform Bitcoin in percentage gains because these tokens are smaller in terms of market cap and more affected by volatility. As such, eight altcoins in the top 100 cryptocurrencies gained at least 10% in value.

According to CoinMarketCap, Pyth Network (PYTH) was the biggest gainer of the day with a 20.7% price increase. Pendle (PENDLE) ranked second with 19.7%, Beam (BEAM) ranked third with an increase of 17.2%, while Injective (INJ) ranked fourth with an increase of 14.3%.

Theta Network (THETA), Bittensor (TAO), SEI (SEI) and Sui (SUI) increased by more than 10%, taking the fifth, sixth, seventh and eighth places, respectively.

Top altcoin rises ahead of ETF decision

The price of cryptocurrency’s largest altcoin, Ethereum (ETH), increased by 9%. The token has experienced price fluctuations in recent hours, but traders may also be cautious due to upcoming decisions from the U.S. Securities and Exchange Commission (SEC) regarding spot ETH ETFs.

As crypto.news previously reported, the SEC will decide on at least two spot Ethereum ETFs this week. Market sentiment could swing in either direction if these investment instruments powered by Ethereum are approved or rejected.

ETH daily price chart | Source: TradingView