Top Cryptocurrencies Rally Lifts Market Cap by 2.5% to $3.86T
Top cryptocurrencies led by Bitcoin, Ethereum, XRP, and Solana’s fresh rally during early trading hours on Monday has fuelled a 2.5% surge in the market value of all listed assets, data obtained from CoinMarketCap.com shows.
The world’s largest token with $2.23 trillion in market capitalisation (BTCUSD) climbed as it recovered from recent falls. The token has gained 2.40% over the last 24 hours, trading at $112.129. It’s now trading about 11% off the record high it hit last month.
Despite this uptick, the largest cryptocurrency still trades 10% below its all-time high, leaving the question open as to whether it can close that gap in October.
BTCUSD risk of turning lower again in the absence of any major near-term catalysts to propel the cryptocurrency materially higher, Deus X Pay director of trading James Madden says in a note.
“The longer bitcoin trades without a defined macroeconomic signal or risk appetite revival, the greater the vulnerability to another 15-20% leg lower,” he says.
Most of the top 10 across exchanges are climbing at the same time, raising the market value of all cryptocurrencies assets higher by 2.50% to $3.86 trillion.
Trading data showed that Ethereum climbed 2.8%, Solana rose 3.4%, and XRP added 3.5% over the past 24 hours, according to data from the Kraken crypto exchange.
Solana (SOLUSD) is gaining momentum, trading at $208.21 with a 3.66% price uptick in the last 24 hours and a total market value of $113.172 billion on Monday.
The potential approval of a Solana staking ETF in the US is becoming the centre of attention, opening the door for significant institutional capital inflows into the ecosystem.
Combined with the fact that major “treasuries” are holding tens of millions of SOL and technical signals continue to sustain an uptrend, Solana stands on the verge of a new breakout cycle, potentially surpassing the $300 mark in the mid-term.
XRP has reached a significant turning point once more, and the course of the upcoming trading sessions may decide whether it continues to consolidate or regains its bullish momentum.
At the time of writing, XRP is trading at about $2.86 on the chart, right up against two important technical barriers: a descending trendline that has been limiting upward movements for weeks.
The XRP community is buzzing with speculation that BlackRock may launch an XRP spot exchange-traded fund, potentially bringing one of the largest cryptocurrencies into mainstream U.S. investment portfolios Naira Gains as Rising External Reserves Fuel Market
