Cryptocurrencies extended their rally, surging 4.4 percent overnight to a market capitalization of $1.6 trillion amidst rising optimism of an SEC approval for a Bitcoin Spot ETF. The bullish momentum has been catalyzed by expectations that the ETF launch would facilitate a massive mainstream adoption of crypto.
Bitcoin traded between $44,408.67 and $41,576.92 in the past 24 hours. The leading cryptocurrency is currently trading at $43,939.22, recording overnight gains of 5.5 percent, weekly gains of 15.6 percent and year-to-date gains of more than 165 percent.
Bitcoin’s rally and a renewed ETF frenzy comes in the backdrop of a recent SEC filing by the iShares Bitcoin Trust which revealed seed funding to the tune of $100,000. The Trust is sponsored by iShares Delaware Trust Sponsor LLC, a Delaware limited liability company and an indirect subsidiary of BlackRock, Inc.
Ethereum, the leading alternate coin also recorded strong gains in the past 24 hours. Ether is currently changing hands at $2,264.77, implying overnight gains of 2.8 percent, weekly gains of 10.5 percent and year-to-date gains of more than 89 percent. Ether’s 24-hour trading range was between $2,310.71 and $2,195.06.
BNB (BNB) added close to a percent in the past 24 hours to trade at $231.51. Though the native token of the Binance.com cryptocurrency exchange has gained around a percent in the past week, it is still grappling with year-to-date losses of more than 6 percent.
Despite the unprecedented turbulence in the crypto industry during the year 2023, only less than 15 percent of the top 100 cryptocurrencies are trading with year-to-date losses in excess of 1 percent. 49th ranked Arbitrum (ARB) is the next highest ranking non-stablecoin cryptocurrency to trade with year-to-date losses.
XRP (XRP) gained 2.3 percent in the past 24 hours to trade at $0.6254. Though XRP has added only 2.5 percent in the past week, the cryptocurrency’s gains in 2023 are close to 84 percent.
Solana (SOL) jumped 5.2 percent in the past 24 hours to rise to $63.01. Weekly gains exceed 4 percent adding up to year-to-date gains of 533 percent, highest among the top-10 league and the 5th best performance among the top 100 cryptos. Solana’s jump comes amidst a spike in Total Value Locked to $693 million, a level last seen in November 2022.
Cardano (ADA) gained 7.4 percent in the past 24 hours, 11.9 percent in the past week and 74 percent in 2023 at its current trading price of $0.4289.
Dogecoin’s (DOGE) fresh 52-week high of $0.1054 in the past 24 hours comes amidst the excitement surrounding the 10th anniversary of the meme coin’s launch. DOGE has gained 15.2 percent in the past 24 hours, 26.7 percent in the past week and 44 percent in 2023. The meme coin’s current trading price of $0.1013 is almost 86 percent below the all-time high of $0.7376 recorded in May 2021.
Avalanche (AVAX) entered the top-10 league with a dazzling overnight gain of 16.3 percent which is the highest among the top-10 non-stablecoin cryptocurrencies. The cryptocurrency has gained 22 percent in the past week and 135 percent in 2023.
TRON (TRX) added 2.4 percent in the past 24 hours and 1.8 percent in the past week. TRX is currently trading at $0.1052, implying year-to-date gains of more than 93 percent.
Chainlink (LINK), the second-best performer in the top-10 league on a year-to-date basis with a surge of 182 percent is trading at $15.69. LINK has gained 2.7 percent in the past 24 hours and 6.7 percent in the past week.
79th ranked BitTorrent(New) (BTT) topped overnight gains among the top 100 cryptocurrencies with a surge of close to 79 percent. 90th ranked Helium (HNT) followed with overnight gains of 50 percent.
86th ranked Terra (LUNA) and 54th ranked Terra Classic (LUNC) are the top laggards, shedding more than 14 percent on an overnight basis.
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