Cryptocurrencies jumped in total market cap and 24-hour trading volume on Monday, offering a price boon to several altcoins.
CoinMarketCap data showed a 55% jump in daily trading volumes coincided with a 5% increase in the total crypto market cap, placing the entire market above a $2.5 trillion valuation. The move followed last week’s demand surge of spot Bitcoin (BTC) ETFs, which triggered BTC to rally over 11% in the past week and reached a $69,900 price.
BTC weekly price chart | Source: CoinMarketCap
Altcoins tend to outperform Bitcoin in percentage gains, since these tokens are smaller in market cap and more affected by volatility. As such, eight altcoins in the top 100 cryptocurrencies gained at least 10%.
Per CoinMarketCap, Pyth Network (PYTH) was the largest gainer of the day with a 20.7% price increase. Pendle (PENDLE) followed in second at 19.7% and Beam (BEAM) boasted a 17.2% jump in third while Injective’s (INJ) 14.3 hike ranked fourth.
Theta Network (THETA), Bittensor (TAO), SEI (SEI), and Sui (SUI) all surged more than 10%, and placed fifth, sixth, seventh, and eighth respectively.
Top altcoin bounces ahead of ETF decision
The price of crypto’s top altcoin Ethereum (ETH) gained 9%. The token has experienced price swings in recent hours, but traders may also be cautious due to forthcoming decisions from the U.S. Securities and Exchange Commission (SEC) on spot ETH ETFs.
As crypto.news previously reported, the SEC will decide on at least two spot Ethereum ETFs this week. Market sentiment could turn in either direction based on an approval or rejection of these investment vehicles underpinned by Ethereum.
ETH daily price chart | Source: TradingView
Read more: Bloomberg analyst: Ethereum ETF approval unlikely