Eight altcoins rise more than 10% as volatility fluctuates in the market

Cryptocurrencies increased in total market cap and 24-hour trading volume on Monday, offering a price advantage to several altcoins.

CoinMarketCap data showed that a 55% jump in daily trading volumes coincided with a 5% increase in the total value of the crypto market, putting the entire market above a $2.5 trillion valuation. The move followed last week’s surge in demand for spot Bitcoin (Bitcoin) ETFs, which caused BTC to rise more than 11% last week and reach a price of US$69,900.

BTC Weekly Price Chart | Source: CoinMarketCap

Altcoins tend to outperform Bitcoin in percentage gains since these tokens are smaller in market capitalization and more affected by volatility. As such, eight altcoins among the top 100 cryptocurrencies have gained at least 10%.

According to CoinMarketCap, Pyth Network (PYTH) was the biggest gainer of the day with a 20.7% price increase. Pendle (PENDLE) followed in second place with 19.7% and Beam (BEAM) boasted a 17.2% jump in third, while Injective (INJ) The 14.3 walk ranked fourth.

Theta Network (THETA), Bittensor (TAO), SEI (KNOW) and Sui (SUI) rose more than 10% and ranked fifth, sixth, seventh and eighth, respectively.

Top altcoins jump ahead of ETF decision

The price of crypto’s top altcoin, Ethereum (ETH) gained 9%. The token has undergone price fluctuations in the last few hours, but traders may also be cautious due to upcoming US Securities and Exchange Commission (SEC) decisions regarding spot ETH ETFs.

Like crypto.news previously reported, the SEC will decide on at least two spot Ethereum ETFs this week. Market sentiment could shift in either direction based on approval or rejection of these Ethereum-backed investment vehicles.

ETH Daily Price Chart | Source: TradingView

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