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The cryptocurrency market, led by Bitcoin (BTC), continues to maintain its bull run, with some altcoins seeing double-digit increases in the last 24 hours. The excitement created by the Spot Bitcoin ETF and dovish Fed comments have led investors to riskier assets, bringing cryptocurrencies to unprecedented levels in recent years. The current positive momentum, combined with the expectation of a potential rally following the Bitcoin block reward halving next year, contributes to the price increases.
Altcoins Rising Under Bitcoin Leadership
Bitcoin is leading the upward wave and is approaching a new peak not seen in the last two years. The largest cryptocurrency recently broke its 2023 record with $44,700, reflecting the strong mood in the market. At the moment, BTC’s price has increased by 1.64% in the last 24 hours, trading at $44,225, with a 15.99% decrease in trading volume to $23.80 billion in the last 24 hours.
The price of Ethereum (ETH), the largest altcoin, is trading at $2,365, with a 0.40% decrease in the last 24 hours, while its trading volume has significantly decreased by 27.12% to $11.48 billion. In contrast, the price of the giant altcoin XRP has reached $0.6866 with a 5.75% increase, and its trading volume has increased by 14.19% to $2.05 billion in the last 24 hours.
Solana (SOL) continues to attract attention with its recent increase among altcoins. SOL has risen to $74.21 with a significant increase in the last 24 hours. It also reached its highest level in 2023 at $75.27 in the last 24 hours. The positive investor sentiment in the market has also stimulated memecoins. Notably, the price of Dogecoin (DOGE), the largest memecoin, has risen to $0.1034 with a 7% increase, despite a 5.54% decrease in its trading volume to $1.08 billion. The price of Shiba Inu, the second largest memecoin, has reached $0.00001038 with a 4.83% increase, removing a zero from its price and marking a historic moment for the memecoin.
The recent market-wide surge has resulted in a 2.07% increase in the total value of the cryptocurrency market, reaching an impressive figure of $1.65 trillion. However, despite this increase, the fear and greed index being at 82 and signaling “excessive greed” suggests that investors need to be cautious.
Highlighted Altcoins of the Day
Cardano (ADA) is at the forefront of altcoins participating in the rally across the cryptocurrency market. ADA, which has risen over 26% in the last 24 hours, is approaching the $0.60 threshold. The altcoin is currently trading at $0.5915. ADA’s price has increased by 52.67% in the last 7 days.
Among the highlighted altcoins of the day, BitTorrent (BTT) comes in second place. BitTorrent’s BTT is trading at $0.000001023 with a 24.80% increase in the last 24 hours. With the recent increase in BTT, a zero was removed from the altcoin’s price. Furthermore, the altcoin’s price has increased by approximately 120% in the last 7 days.
Another notable altcoin of the day is Avalanche‘s AVAX. AVAX’s price has increased by 18.77% in the last 24 hours, trading above the $30 threshold at $32.01. Data shows that AVAX’s price has increased by over 140% in the last 7 days.
