The cryptocurrency market, led by Bitcoin, continues its bull run with some altcoins seeing double-digit increases in the last 24 hours. The excitement created by the spot Bitcoin ETF and the dovish comments from the Fed is directing investors towards risk assets, pushing cryptocurrencies to unprecedented levels in recent years. The current positive momentum, combined with the expectation of a potential rally following the upcoming Bitcoin block reward halving next year, is contributing to price increases.
Bitcoin is approaching a new high not seen in two years and is breaking the 2023 record of $44,700, reflecting the strong sentiment in the market as the largest cryptocurrency. BTC’s price has increased by 1.64% in the last 24 hours, reaching $44,225, while its trading volume has decreased by 15.99% to $23.80 billion.
Ethereum’s (ETH) price has seen a 0.40% decline in the last 24 hours, trading at $2,365, with its trading volume falling by 27.12% to $11.48 billion. On the other hand, the price of the major altcoin XRP has increased by 5.75% to $0.6866, and its trading volume has risen by 14.19% to $2.05 billion in the last 24 hours.
Solana (SOL) continues to attract attention among altcoins with its recent increase. SOL has risen significantly in the last 24 hours to $74.21, reaching its highest level of 2023 at $75.27. The positive investor sentiment in the market is also energizing memecoins. In particular, the price of Dogecoin (DOGE), the largest memecoin, has increased by 7% to $0.1034, while its trading volume has decreased by 5.54% to $1.08 billion. The price of the second-largest memecoin, Shiba Inu, has risen by 4.83% to $0.00001038, removing a zero and marking a historic moment for memecoins.
The latest overall increase in the market has led to a 2.07% rise in the total value of the cryptocurrency market to $1.65 trillion. However, despite this increase, the fear and greed index stands at 82, signaling “extreme greed,” indicating that investors should be cautious.