The cryptocurrency market is off to a strong start in 2024, buoyed by the optimism around spot Bitcoin exchange-traded funds (ETF). The top 3 cryptocurrencies by market cap were trading in the green on Saturday morning, with Bitcoin hovering near $44,000 levels.
After months of anticipation, spot Bitcoin ETFs are set to become a reality. CoinGape earlier reported that all 11 ETF applicants filed their 19b-4 amendments with the US Securities and Exchange Commission (SEC). Bloomberg Intelligence analyst Eric Balchunas said the SEC could green-light the Bitcoin ETFs as early as Jan 11.
Amid expectations that SEC approval is imminent, institutional investors could step up Bitcoin buying. Bitcoin Price (BTC) went up nearly 1% over the last 24 hours to $43,945. It has surged 4.5% in the last 7 days, with its market cap standing at $861 billion. However, trading volumes fell 22% to $26.8 billion over the last 24 hours.
Ethereum was also trading in the green on Saturday morning, up 0.2% over the last 24 hours. As of writing, ETH Price stood at $2,249, while its market capitalization stood at $271 billion. Trading volumes over the last 24 hours dropped over 18% to $9.5 billion.
Other digital assets took a beating, with BNB down 5% to $307, Solana (SOL) off over 3% to $98, XRP down 0.7% to $0.573, and Cardano (ADA) off 3.9%.
Popular meme coins — Dogecoin and Shiba Inu — were also trading in the red, falling over 1% each. The global crypto market rose marginally 0.07% over the last 24 hours to $1.66 trillion. The fear and greed index level stood at 70, indicating investors were cautious.
The price of Pepe Coin fell over 3.5% over the last 24 hours to $0.000001173, sending its market cap tumbling to $492.6 million. Its trading volume over the last 24 hours went down 21% to $72.5 million.
The Aptos blockchain’s native token APT tanked over 12% over the last 24 hours. The altcoin last changed hands at $9.34, with its market cap falling to $2.9 billion. Trading volumes over the last 24 hours plummetted over 43% to $404 million.
Lido DAO (LDO) Price Rallies Nearly 14%
The price of Lido DAO rallied almost 14% over the last 24 hours to $3.47. At press time, its market cap stood at $3.09 billion while trading volumes over the last 24 hours surged nearly 17% 50% to $253.6 million.
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