The cryptocurrency market witnessed a strong rally over the weekend, with Bitcoin leading the way and reaching a new high of 37,817.34. Several other cryptos, such as SEI, MINA, and BLUR, have also posted impressive gains, indicating a bullish sentiment in the market.
Bitcoin ETF and Halving Hype Drive Crypto Surge
One of the main drivers of the crypto rally is the speculation over the approval of a Bitcoin Spot ETF by the US Securities and Exchange Commission (SEC). A Bitcoin Spot ETF would allow investors to buy and sell Bitcoin directly without the need for intermediaries or custodians. This would increase the liquidity and accessibility of Bitcoin, as well as reduce the fees and risks associated with holding the crypto.
Another factor that has boosted market confidence is the anticipation of the next Bitcoin halving, which is expected to occur on April 19, 2024. The Bitcoin halving is an event that reduces the reward for mining new blocks by half, which reduces the supply of new Bitcoins entering the market. This creates a scarcity effect, which increases the demand and value of Bitcoin.
ApeCoin, STEPN, And MINA Among The Top Performers
While Bitcoin has been the star of the show, several other cryptos have also performed well, especially those that offer innovative solutions and features. According to CoinMarketCap, the ApeCoin currently trades at $1.682698, holding a market value of $634.98M USD. The traded volume in the past 24 hours totals $139.03M USD. ApeCoin shows a rise in value by +19.61% within the last 24 hours while having a 368.59M supply in circulation.
According to CoinMarketCap, STEPN is currently trading at $0.341744, considering a present market cap of $472.82M USD. In the past 24 hours, STEPN has surged to 23.50% and has added over 23.96% in the last seven days.
MINA is another crypto that has attracted a lot of attention, as it claims to be the world’s lightest blockchain. MINA has soared 15.56% in the last 24 hours, trading at $0.8313, and has added over 38.08% in the last seven days.
The crypto market rally has shown no signs of slowing down, as the global crypto market cap has increased 2.41% in the last 24 hours, reaching $1.50 trillion. The market fear and greed index, which measures the sentiment of the market, has also risen to 74, indicating a “greed” level. This suggests that the market participants are optimistic and expect further gains in the near future.
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