The global cryptocurrency market has witnessed a robust two-day rally, marking an increase of 0.47% in the total market capitalization, which now stands at $1.32 trillion as of Monday. Ethereum, in particular, has emerged as the driving force behind this surge, boasting a two-week gain of 25% and a one-month gain of 16%. The price of Ethereum surged to $1,888.56 per token, propelling its market capitalization to $227 billion.
Despite Bitcoin’s price slipping to $34,928.96 per token on Monday, it has also played a crucial role in this rally. The dip in Bitcoin’s price is attributed to investor optimism surrounding the potential approval of a US-based Bitcoin Exchange-Traded Fund (ETF) by the Securities and Exchange Commission (SEC), as well as the Federal Reserve’s decision not to raise interest rates.
The total volume of the cryptocurrency market has surged by an impressive 35.37% within the span of 24 hours, reaching $38.73 billion. DeFi (Decentralized Finance) and stablecoins have significantly contributed to this surge, with DeFi accounting for $4.36 billion and stablecoins for $33.18 billion. Meme currencies like Dogecoin and Shiba Inu have experienced notable increases, trading at $0.07179 and $0.000008144, respectively, with market capitalizations of $10.17 billion and $4.8 billion.
Additionally, other altcoins including Ripple’s XRP, Cardano, Solana, and Polkadot have also witnessed positive price movements, trading at $0.6825, $0.3457, $41.19, and $4.79, respectively.
This rally comes on the heels of a strong start to November for the crypto market, marked by substantial increases in the value of most assets and a total market capitalization that exceeded $1.3 trillion on Sunday.
On Sunday, Bitcoin broke free from the $26,000 range, surging beyond $35,000 before experiencing a slight retracement. Meanwhile, Ethereum recorded a 5% increase in value over the weekend, with its sights set on the $2,000 level once more.
Altcoins like BNB, Dogecoin, TRON, Polkadot, XRP, Solana, Cardano, Toncoin, and Chainlink also observed gains on Sunday. The positive sentiment extended to the Metaverse sector, with Axie Infinity, The Sandbox, Decentraland, and ApeCoin all exhibiting growth. The DeFi sector’s total value of locked protocols (TVL) increased by $2 billion, reaching a total of $43.78 billion.
