Investors are closely monitoring the market as positive sentiment continues to drive the market, as evidenced by the recent gains in Bitcoin (BTC) and altcoins. Many market experts predict that the optimism surrounding the approval of spot Bitcoin ETFs in the US, among other factors, is lifting the market. Additionally, Federal Reserve Chairman Jerome Powell’s recent remarks expressing satisfaction with the decline in inflation during the summer months and implying that there will be no additional interest rate hikes as long as there is no significant threat to progress in the economy have been well received and appear to be supporting the upward trend in the cryptocurrency market.
The price of Bitcoin has surpassed $29,000. The largest cryptocurrency is currently trading at $29,251, representing a 3.29% increase in the past 24 hours. Bitcoin’s price has risen over 9% in the past seven days. The daily trading volume and market capitalization of the crypto king have also increased by 24.88% and 3.31% respectively, reaching $16.39 billion and $570.44 billion.
The price of the largest altcoin, Ethereum (ETH), is currently trading at $1,584, representing a 2.23% increase in the past 24 hours. Its trading volume in the same period has increased by 10.73% to $5.25 billion. Over the past seven days, ETH has experienced an approximately 3% increase in price following its recent gains. Among other major altcoins, XRP has seen a 7.05% increase in price to $0.5178 in the past 24 hours, with a trading volume of $1.61 billion, reflecting a 112.94% increase. Similarly, Solana (SOL) has seen a significant 9.81% increase in price to $25.98, with a trading volume of $757.25 million, reflecting a 107.65% increase.
The price of the leading memecoin, Dogecoin (DOGE), has increased by 2.11% to $0.05944, with a trading volume of $119.70 million, reflecting a 2.24% decrease. Additionally, the price of Shiba Inu (SHIB) has increased by 3.07% to $0.000006932.
Furthermore, the total market value of the cryptocurrency market has increased by 2.97% to $1.11 trillion, with a trading volume of $41.97 billion in the past 24 hours. Bitcoin’s dominance has increased by 0.27% compared to yesterday and is currently at 51.47%. The cryptocurrency market fear and greed index is at 49, indicating a neutral market sentiment.
Latest Updates on Other Altcoins
The increase in cryptocurrency prices has directed investors towards memecoins, including Pepe Coin (PEPE). The popular memecoin is currently trading at $0.0000006447, representing a 2.88% increase. However, its trading volume has decreased by 4.20% to $38.86 million.
Bitcoin SV (BSV), the native asset of the Bitcoin SV network, has recently experienced a significant surge. At the time of writing, BSV is trading at $53.1, representing a 26.36% increase, with a trading volume of $274.94 million, reflecting a 61.58% increase. Its price has increased by approximately 60% in the past seven days.
The price of Stacks (STX) has increased by 13.07% to $0.6051 in the past 24 hours, with a trading volume of $65.93 million, reflecting a 26.60% increase. This recent price increase has positioned it among the top gainers of the session, with a 26% increase over the past seven days.
Additionally, ApeCoin (APE) is currently trading at $1.07, representing a 2.94% decrease despite the positive market sentiment. Its daily trading volume has also decreased by 29.32% to $37.57 million. Nevertheless, the altcoin has managed to remain in positive territory with a 3% increase over the week.
