The global crypto market, valued at $1.33 trillion, saw a modest growth of 0.6% last Wednesday, with altcoins gaining ground despite a minor drop in Bitcoin’s value to $34,867.03. This is a significant divergence from Bitcoin’s record high of $69,000 in late 2021. The total crypto market volume over the last 24 hours grew by 3.40% to $40.05 billion, with DeFi and stablecoins contributing $4.68 billion and $35.23 billion, respectively.
Speculative demand appears to be shifting away from Bitcoin towards lesser-known digital assets, which have been rallying this month. Meme currencies Dogecoin and Shiba Inu posted gains of 4.63% and 2.07%, respectively, boasting market caps of $10.64 billion and $4.9 billion, respectively. Pepe Coin also saw a significant surge by 30%.
Among other altcoins, Cardano and Polkadot gained by 3.22% and 2.15%, respectively, while XRP rose by 0.62%, triggering a wave of short-lived profit-taking that spread to other leading altcoins, indicating a quick recharge sentiment in the market.
However, not all digital assets shared in the rally. Ethereum’s price saw a five-day rise, trading near its four-month peak at $1,900 per token despite accusations against co-founders Vitalik Buterin and Joseph Lubin for alleged fraudulent activity larger than the FTX cryptocurrency exchange collapse.
CoinShares reported that crypto fund investments rose sharply for the sixth consecutive week, adding $261 million. Bitcoin investments rose significantly by $229 million, followed by Ethereum with an increase of $18 million and Solana with an increase of $11 million.
Meanwhile, Hong Kong’s SFC is considering retail access to crypto spot ETFs, potentially expediting US approvals. Berkshire Hathaway (NYSE:BRKa) vice chairman Charlie Munger expressed concerns about Bitcoin’s rise and its impact on fiat currencies and traditional assets.
This shift in the crypto market comes amidst a broader trend of diversification within the sector, with investors increasingly looking beyond Bitcoin to other digital assets for potential returns.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Get The News You Want
Read market moving news with a personalized feed of stocks you care about.
Get The App
Credit: Source link