Eight altcoins bounce more than 10% as volatility swings the market

Cryptocurrencies surged on Monday in total market capitalization and 24-hour trading volume, delivering a price boon to several altcoins.

CoinMarketCap data showed a 55% increase in daily trading volumes coinciding with a 5% increase in the total crypto market cap, putting the entire market above a $2.5 trillion valuation. The move follows an increase in demand for spot Bitcoin last week (BTC) ETF, which triggered a rise in BTC of over 11% last week and reached a price of $69,900.

BTC Weekly Price Chart | Source: CoinMarketCap

Altcoins tend to outperform Bitcoin in terms of percentage gains because these tokens have a smaller market capitalization and are more affected by volatility. Thus, eight altcoins among the top 100 cryptocurrencies 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 with 19.7% and Beam (BEAM) recorded a 17.2% jump in third while Injective (INJ) 14.3 hike ranked fourth.

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

Top Altcoin Rebounds Ahead of ETF Decision

The price of the best Ethereum altcoin in crypto (ETH) gained 9%. The token has seen price fluctuations in recent hours, but traders may also be careful due to upcoming decisions by the United States Securities and Exchange Commission (SEC) on spot ETH ETFs.

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

ETH Daily Price Chart | Source: TradingView

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