Today, the global cryptocurrency market experienced a significant surge, led by Bitcoin and a host of altcoins including Cardano, Dogecoin, Chainlink, Polygon, Polkadot, and Shiba Inu. Bitcoin rose by 3.87% to $36,739.46, bringing its weekly increase to 3.58%. This surge contributed to a 3.26% rise in the total global crypto market cap in just 24 hours, reaching nearly $1.37 trillion.
Bitcoin's market dominance stood at 52.09%, with its market cap surging to $717 billion and a 24-hour trading volume increase of 23.4%. Trading above $36,000, the crypto market is eagerly awaiting the SEC's decision on the 12 Bitcoin Spot ETF applications. If not approved within the eight-day period starting today, the wait might extend till 2024, according to Mudrex CEO Edul Patel.
Bitcoin has grown over 115% since the year's start and could target between $39,500 and $40,000 if it remains above $36,000, as suggested by CoinDCX Research Team. Giottus Crypto Platform CEO Vikram Subburaj noted Bitcoin's breakthrough of the $35,500 resistance level and potential target of $38,000 amidst key stock indices gains and marginal decline in gold and treasury yields.
Ethereum also saw growth, climbing by 2% to $1,924.37 and marking a 3.91% weekly rise. Other cryptocurrencies experienced price increases over the past two days as well. Meme currencies fluctuated; Dogecoin rose by 2.89% with a market cap of $10.81 billion, Shiba Inu increased by 2.78% with a market cap of $4.99 billion.
Other altcoins such as Ripple's XRP (+0.67% at $0.6913), Cardano (+3.35%, $0.365), Solana (+2% at $43.86), and Polkadot (+4.62%, $5.11) also experienced gains. The day's top gainers were Mina, Sui, Arweave, Chainlink, and Bitcoin SV while the biggest losers were Trust Wallet Token, Tether Gold, Injective, and PAX Gold.
Stablecoins Tether and USD Coin remained steady while Binance USD dropped. DeFi tokens Chainlink and Wrapped Bitcoin gained while Dai lost value. Among NFT tokens, Stacks and Axie Infinity gained while Internet Computer and Render lost value.
The recent upswing in the cryptocurrency market marks an improvement from last month's market valuation of $1.09 trillion and three months ago valuation of $1.18 trillion. The consistent growth in the global cryptocurrency market is indicative of the increasing interest and investment in digital assets. ETMarkets WhatsApp channel is now open for subscription.
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