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The altcoin market has surged, led by Bitcoin (BTC), amid expectations that the U.S. Securities and Exchange Commission (SEC) will soon approve a spot Bitcoin ETF. The top cryptocurrency’s rise to $35,200 on October 25 and its price increase of over 22% in the last 7 days also mobilized altcoins. Notably, the top 25 altcoins, including Avalanche (AVAX), Shiba Inu (SHIB), Dogecoin (DOGE), Arbitrum (ARB), The Graph (GRT), and Quant (QNT), have been on the move.
Double-Digit Increase in AVAX, Shiba, and DOGE Prices
The spike in BTC’s price triggered a surge of over 19% in Ethereum’s (ETH) price in the last 7 days, while many altcoins like XRP (XRP) and Cardano (ADA) saw their prices increase by around 20%. AVAX, Shiba, DOGE, ARB, GRT, and QNT, which are currently on the investors’ radar and are being closely monitored, have risen, with their prices increasing by over 10%.
Recognized as one of the strongest Ethereum competitors, AVAX is currently up 11.39% in the last 24 hours, trading at $11.38. With a market capitalization of $4 billion, AVAX stands out as one of the giant altcoins. Its trading volume increased by 18.36% during the same period. If the price of AVAX exceeds $11.52, it will reach its highest level in the last month.
The top memecoin DOGE and the second-largest memecoin SHIBA also saw their prices rise in double digits on the new day. DOGE’s price has risen by 10.66% in the last 24 hours to $0.07224, while SHIB’s price increased by 10.96% to $0.000008128 during the same period. Dogecoin’s market capitalization stands at $10.2 billion, and Shiba Inu’s is at $4.77 billion.
ARB, GRT, and QNT Also on the Rise
The Layer 2 protocol, Arbitrum’s ARB, also stands out among the top 25 altcoins showing an upward trend. ARB’s price has risen by 11.96% in the last 24 hours, nearing the $1 mark, now priced at $0.9875. ARB’s price is currently hovering around its highest level in the last month.
Moreover, data indicates that the prominent indexing protocol The Graph’s native asset GRT has risen by 13.70% in the last 24 hours to $0.1016. At the same time, Quant’s QNT has seen a rise of 10.72%, now trading at $106.73.
