The cryptocurrency market made a stellar comeback on Monday, with Bitcoin thundering past $47,000 for the first time in almost 2 years as anticipation grew about the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the US.
The OG cryptocurrency Bitcoin rose sharply from $43,280 in early morning trade in Asia to $47,193 — the highest level since April 2022 — during the US session, before paring some gains.
With institutional interest in Bitcoin on the rise, Bitcoin’s (BTC) price went up nearly 8% over the last 24 hours to $46,931. The market cap of Bitcoin rose to $919.5 billion while trading volumes jumped a whopping 103% to $43.2 billion over the last 24 hours.
Ethereum — the third largest crypto — followed a similar upward trend, gaining nearly 5.5% over the last 24 hours to $2,311. As of writing, Ether commanded a market cap of $277.9 billion while trading volumes stood at $13.2 billion, up 68% over the last 24 hours.
While Tether (USDT) prices largely remained flat, BNB price climbed 1.8% and XRP price rose over 2.3% in the past 24 hours. The remaining top 10 cryptocurrencies by market cap also rose sharply. Solana (SOL) rallied nearly 16% over the last 24 hours, Cardano (ADA) was up 11% while Avalanche (AVAX) surged over 14%.
Popular meme coins — Dogecoin and Shiba Inu — also saw their prices rising over the last 24 hours by 5.2% and 7.5%, respectively. The global crypto market was buoyed by the optimism, having surged over 7% over the last 24 hours to $1.72 trillion The fear and greed index level stood at 74, indicating investor sentiment was positive.
The price of Pepe Coin climbed 11% over the last 24 hours to $0.000001184, with its market cap standing at $498.3 million. Its trading volume over the last 24 hours went up over 1.5% to $86 million.
The Sei Network’s namesake token has seen a more than 17% increase in the last 24 hours. At press time, SEI’s price stood at $0.7224, with its market cap standing at $1.6 billion. The 24-hour trading volumes stood at $731.5 million, up more than 13% in the last 24 hours.
The Lido DAO (LDO) token has been on a roll. In the past 24 hours, the LDO Price rose over 8% to $3.13, and the token was sitting at a market cap of $2.8 billion. However, trading volumes over the last 24 hours dropped over 4% to $169.2 million. Note that the token has appreciated over 26% in the past 30 days.
Also Read: Breaking: Bitcoin ETF Filers Unswayed By US SEC Comments On S-1s, Approval Ahead?
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