The global cryptocurrency market has experienced a two-day rally, with the total market capitalization increasing by 0.47% to $1.32 trillion as of Monday. This surge was led by Ethereum, which posted a two-week gain of 25% and a one-month gain of 16%. The price of Ethereum rose to $1,888.56 per token, raising its market cap to $227 billion.
Bitcoin also contributed to the rally, despite trading lower at $34,928.96 per token on Monday. The reduced price is attributed to investor confidence in the potential approval of a US-based Bitcoin ETF by the SEC and the Federal Reserve's decision not to hike interest rates.
The total crypto market volume surged by 35.37% to $38.73 billion within 24 hours, with DeFi and stablecoins contributing $4.36 billion and $33.18 billion respectively. Meme currencies such as Dogecoin and Shiba Inu traded higher at $0.07179 and $0.000008144, respectively, with market caps of $10.17 billion and $4.8 billion.
Other altcoins including Ripple's XRP, Cardano, Solana, and Polkadot also saw increases, trading at $0.6825, $0.3457, $41.19, and $4.79, respectively.
This rally follows a strong start to November for the crypto market, which saw most assets recording significant value increases and total market capitalization exceeding $1.3 trillion on Sunday.
Bitcoin broke from the $26,000 range on Sunday, surging beyond $35,000 before settling slightly lower. Ethereum posted a 5% value increase over that weekend, aiming for the $2,000 level once again.
Altcoins such as BNB, Dogecoin, TRON, Polkadot, XRP, Solana, Cardano, Toncoin, and Chainlink also saw gains on Sunday. The Metaverse sector reflected this positive sentiment with Axie Infinity, The Sandbox, Decentraland, and ApeCoin showing growth. The DeFi sector's total value of locked protocols (TVL) increased by $2 billion to reach $43.78 billion.
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