Cryptocurrency Market Update: Altcoins Surge Despite Low Volatility
The crypto market saw a relatively quiet period, despite the release of US CPI, the FOMC minutes, and a major network update. However, altcoins have started to surge, and the total market capitalization of the crypto market has grown by only 1.2% to $1.29 trillion. This article will cover the recent developments in the crypto market, including the bitcoin and ethereum prices, the performance of the top 10 cryptocurrencies, and the biggest gainers and losers in the top 100.
Heading 1: Bitcoin Struggles to Break $30,000
Bitcoin (BTC) experienced a significant price fluctuation following the release of inflation data, but it wasn’t as severe as expected. BTC is currently trading around $30,200, up by only 1%. The dominance of bitcoin peaked at 48%, but it’s now declining.
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Heading 2: Ethereum Skyrockets Following Major Update
Ethereum (ETH) implemented the long-awaited Shapella (Shanghai+Capella) update, which allows stakers to withdraw their ETH. There were concerns that this would lead to a massive ETH dump, but it hasn’t happened yet. The ETH price started to rise before the event and is up by 5.5% today, reaching $1,970, the highest in ten months.
Heading 3: Altcoins Rally Despite Modest Market Growth
The top 10 cryptocurrencies are in the green, with Binance Coin (BNB) lagging behind, up by only 0.7%. Ripple (XRP) has risen by 1.2%, Solana (SOL) by 2%, Dogecoin (DOGE) by 2.9%, and Polygon (MATIC) by 3.3%. Cardano (ADA) increased by 3.5%.
Heading 4: Biggest Gainers and Losers in the Top 100
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While most of the top 100 cryptocurrencies are in the green, Bitget Token (BGB) has dropped by 2%, and Stacks (STX) by 5.1%. The biggest gainers are Immutablex (IMX), up by 6.4%, and Arbitrum, up by 8.7%. Radix (RDX) has skyrocketed by more than 30%.
Heading 5: FTX Token Surges Despite Exchange Trouble
FTX token (FTT) of the struggling FTX exchange has risen by 90% due to rumors of a possible relaunch of the cryptocurrency exchange.
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Conclusion:
The crypto market saw a moderate growth despite the lack of major news, but altcoins surged. Ethereum’s Shapella update resulted in a 5.5% increase in the ETH price, and Radix’s price went up by more than 30%, while FTX token soared by 90%. The top 10 cryptocurrencies also performed well, with all in the green zone, except Binance Coin. However, the market’s growth was modest, with an increase of only 1.2% to $1.29 trillion in total market capitalization.