Bitcoin Leads Maketwide Rally
Bitcoin has continued its exceptional rally this week, pushing prices of several meme coins to new levels. According to data from CoinGecko, BTC, the largest crypto asset by market capitalization, is valued at $43,815 after growing by 10.18% over the last seven days.
Crypto analysts who spoke to popular news outlet Decrypt earlier this week said that the current rally is largely driven by the hype around the expected approval of Bitcoin spot ETF (Exchange-Traded Fund). For beginners, an ETF is a new investment vehicle that will allow traditional investors to gain exposure to digital currencies without actually owning any crypto.
The analysts said that once the United States Securities and Exchange Commission approves the ETF, the total crypto market capitalization could surge by $1 trillion due to the increased flow of funds from traditional investors.
The Meme Coin Rally
As mentioned, Bitcoin’s rally has prompted altcoins to appreciate in value. Like last week, meme coins have emerged as the biggest beneficiaries this week. Despite their lack of utility, meme coins like Shiba Inu, Pepe, and Dogecoin have seen their prices grow massively.
Although Pepe is down 1.8% over the past 24 hours, it has risen by 40.1% in the last seven days to trade at $0.00000156 as of this writing. Dogecoin, on the other hand, the biggest meme coin by market cap, is valued at $0.10 after rallying 20.1% this week. Meanwhile, Shiba Inu is priced at $0.0000101 following 7-day gains of 21.1%.
One notable meme coin that has seen exceptional growth this week is Bonk. The Solana-based token is currently changing hands for $0.000012 after surging 187% over the last seven days. It is worth mentioning that Bonk is up 630% over the past 30 days.
Top Altcoins Rally This Week
Top altcoins that are witnessing rallies this week include Solana, which is up 16.6% to trade at $73.16; XRP, which has surged 6.5% to $0.6597; Avalanche, which has added 54% to its value to trade at $33.7; Cardano, which trades for $0.58937 after rallying 50%; and Polkadot, which is priced at $7.18 following a 31% growth.
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