Eight Altcoins Rise 10+% as Volatility Swings Market

Cryptocurrencies jumped in terms of total market capitalization and 24-hour trading volume on Monday, giving a price advantage to several altcoins.

CoinMarketCap data showed that a 55% increase in daily trading volumes coincided with a 5% increase in total cryptocurrency market capitalization, placing the entire market above a $2.5 trillion valuation. The move followed last week’s surge in spot Bitcoin demand (Bitcoin) ETFs, which triggered a BTC rally of more than 11% over the past week and reached a price of $69,900.

BTC Weekly Price Chart | Source: CoinMarketCap

Altcoins tend to outperform Bitcoin in terms of percentage gains, as these tokens have a smaller market capitalization and are more affected by volatility. Thus, eight altcoins among the top 100 cryptocurrencies gained at least 10%.

According to CoinMarketCap, Pyth Network (PYTH) was the biggest gainer of the day with a price increase of 20.7%. Pendle (PENDLE) followed in second place with 19.7% and Beam (BEAM) boasted a 17.2% jump to third while Injective (INJ) 14.3 excursion to fourth place.

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

Top altcoins rebound ahead of ETF decision

The price of the cryptocurrency’s main altcoin, Ethereum (ET) gained 9%. The token has undergone price fluctuations in recent hours, but traders could be too cautious due to the upcoming decisions of the US Securities and Exchange Commission (SEC) on ETH spot ETFs.

Like crypto.news previously reported, the SEC will decide on at least two Ethereum spot ETFs this week. Market sentiment could change direction based on the approval or rejection of these Ethereum-backed investment vehicles.

ETH Daily Price Chart | Source: TradingView

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