The global crypto market, valued at $1.33 trillion, saw overall growth of 0.46% last Wednesday, with altcoins gaining ground despite a slight drop in bitcoin‘s value to $34,867.03. This is a significant deviation from bitcoin’s record high of $69,000 in late 2021. Total crypto market volume over the past 24 hours grew 3.40% to $40.05 billion, with DeFi and stablecoins contributing $4.68 billion and $35.23 billion, respectively.
Speculative demand appears to be shifting away from bitcoin to lesser-known digital assets, which have rallied this month. Meme currencies Dogecoin and Shiba Inu saw gains of 4.63% and 2.07%, respectively, with market caps of $10.64 billion and $4.9 billion, respectively. Pepe Coin also saw a significant jump of 30%.
Among other altcoins, Cardano and Polkadot gained 3.22% and 2.15% respectively, while XRP rose 0.62%, though still well below its all-time high of $3.29.
However, not all digital assets participated in the rally. Ethereum stagnated at $1,885.84 per token as a lawsuit against Consensys and its co-founder Joseph Lubin prevented it from breaking through the $1,900 resistance level. Similarly, Solana‘s price fell by 2.90%.
This shift in the crypto market comes amid a broader trend of diversification within the sector, with investors increasingly looking beyond bitcoin to other digital assets for potential returns.
