The crypto market has seen a surge with a total value of $1.21 trillion, marking a 9.62% increase this week. Bitcoin and Ethereum gained 18.1% and 12.5% respectively, but other digital assets saw even larger gains. Pepe, Bitcoin Cash, Stacks, Conflux, and Kaspa all recorded double-digit increases, with Pepe leading the pack with a 65% jump and Bitcoin Cash rising by over 38%. However, some digital currencies such as Bittorrent, Kucoin, Terra Luna Classic, and Quant faced losses ranging from 2.2% to 7.9%.
In terms of 24-hour stats, FTT, VET, BSV, LEO, ZIL, and BCH were the leaders with gains. On the other hand, Pepe and Stacks experienced losses during the last day. Bitcoin dominance remains high at 48.2%, while ETH’s market dominance stands at 18.6%.
The rally in the crypto market is believed to be driven by institutional interest and the involvement of major traditional finance giants. However, the global trade volume of the crypto economy remains low, and some crypto businesses are still showing signs of financial weakness.
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