Ethereum Takes the Lead as Crypto Market Soars to New Heights!

"Bitcoin Remains Resilient as Investor Confidence Grows Amidst Prospects of US Bitcoin ETF Approval and Fed's Interest Rate Decision"

Bitcoin, along with other cryptocurrencies, experienced a rally despite trading at a lower price of $34,928.96 per token on Monday. This decrease in price can be attributed to investor confidence in the potential approval of a US-based Bitcoin ETF by the SEC and the Federal Reserve’s decision not to hike interest rates.

The total volume of the crypto market surged by 35.37% within 24 hours, reaching $38.73 billion. DeFi and stablecoins played a significant role in this surge, contributing $4.36 billion and $33.18 billion, respectively. Meme currencies like Dogecoin and Shiba Inu also saw an increase in their trading prices, with Dogecoin trading at $0.07179 and Shiba Inu at $0.000008144. Their market caps stood at $10.17 billion and $4.8 billion, respectively.

Other altcoins, including Ripple’s XRP, Cardano, Solana, and Polkadot, also experienced gains. Ripple’s XRP traded at $0.6825, Cardano at $0.3457, Solana at $41.19, and Polkadot at $4.79.

This rally comes after a strong start to November for the crypto market, with most assets recording significant value increases. The total market capitalization exceeded $1.3 trillion on Sunday. Bitcoin broke through the $26,000 range and surged beyond $35,000 before settling slightly lower. Ethereum also experienced a 5% value increase over the weekend, aiming to reach the $2,000 level once again.

Altcoins such as BNB, Dogecoin, TRON, Polkadot, XRP, Solana, Cardano, Toncoin, and Chainlink also saw gains on Sunday. The Metaverse sector, which includes Axie Infinity, The Sandbox, Decentraland, and ApeCoin, reflected this positive sentiment with significant growth. Additionally, the DeFi sector’s total value of locked protocols (TVL) increased by $2 billion, reaching $43.78 billion.

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Martin Reid

Martin Reid

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