The global cryptocurrency market experienced a two-day rally, with total market capitalization rising 0.47% to $1.32 trillion as of Monday. The rally was led by Ethereum, which posted a two-week gain of 25% and a one-month gain of 16%. The price of Ethereum rose to $1,888.56 per token, increasing its market capitalization to $227 billion.
Bitcoin also contributed to the rally, although it traded lower on Monday at $34,928.96 per token. The lower price was attributed to investor confidence in the potential approval of a U.S.-based bitcoin ETF by the SEC and the Federal Reserve’s decision not to raise interest rates.
Total crypto market volume jumped 35.37% to $38.73 billion in 24 hours, with DeFi and stablecoins contributing $4.36 billion and $33.18 billion respectively. Meme currencies such as Dogecoin and Shiba Inu traded higher at $0.07179 and $0.000008144 respectively, with market caps of $10.17 billion and $4.8 billion.
Other altcoins including Ripple‘s XRP, Cardano, Solana and Polkadot also saw gains, trading at $0.6825, $0.3457, $41.19 and $4.79 respectively.
This rally follows a strong start to November for the cryptocurrency market, with most assets seeing significant gains and the total market capitalization surpassing $1.3 trillion on Sunday.
Bitcoin broke out of the $26,000 range on Sunday, surging above $35,000 before settling slightly lower. Ethereum saw a 5% increase in value over the weekend and is once again targeting the $2,000 level.
Altcoins such as BNB, Dogecoin, TRON, Polkadot, XRP, Solana, Cardano, Toncoin and Chainlink also saw gains on Sunday. The Metaverse sector reflected this positive sentiment, with Axie Infinity, The Sandbox, Decentraland and ApeCoin showing growth. The DeFi sector’s total value of locked protocols (TVL) increased by $2 billion to $43.78 billion.
