Eight altcoins rally 10+% as volatility swings market

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. 

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.