The crypto industry has displayed a massive price action this week as the market has added over $110 Billion in valuation. The market had started the month on a bullish note as the previous month had recorded the second most bullish month for cryptocurrencies in the past 25 months, with a gain of roughly 29% in market valuation.
Elite Coins Record New Yearly High:
Bitcoin price has gained over 6% in value, breaking the price out of the $36,000 mark for the first time and further recording its 18-month high in terms of price. The price recorded a high of $37,941.64, resulting in a change of over 130% YTD.
Ethereum has followed in the market leader’s footsteps and crossed the $2,000 mark for the first time since July this week, successfully achieving its yearly target, indicating a bullish influence in the market. The ETH price has roughly gained 74% Year to date.
Ripple’s XRP price managed to clock the $0.70 mark for the first time during the first half of the trading week, following which the price experienced a minor correction, but the bulls have managed to hold the price above the level, indicating a possibility of a rebound soon.
Altcoins Start Gaining Major Traction:
Altcoins, such as Polygon’s MATIC and Cronos tokens, have displayed significant price actions, each gaining over 21% and 56% in their values. Polygon price surged following the news of sister token “POL” hype.
FTX’s FTT token price surged following the SEC’s Chair, Gary Gensler, stating a bullish statement on the company’s potential and future. The price recorded a surge of whooping 300% within the past week, making it the top gainer in the industry for the week.
Solana has displayed an impressive move, as the coin has added over 50% in value within the first ten trading days of the month and has added over 150% in the past week, making it one of the top gainers in the industry.
Toncoin had gained over 12% and had surpassed Tron coin in terms of market cap for two days before experiencing a pullback in its value. Terra coins have recently gained momentum, with LUNA 2.0 price recording a gain of 53% and Terra LUNC 25% within the past day.
Memecoin Mania On The Verge To Ignite:
Memecoins have also recorded massive growth as the category has added over 10% in its valuation. Category leader Dogecoin price has registered a pump of 17%, with other famous coins such as Shiba Inu, Floki, and Pepe coins adding 16%, 5%, and 18%.
Overall, the memecoin category has witnessed massive price action recently, indicating a positive uptrend for the industry in the coming days. The coins are highly volatile and influential, but their recording of new ATHs during the upcoming bull run is inevitable.
Conclusion:
The crypto market has been trading on a bullish sentiment for over three weeks, indicating a strong future price action for the industry. Various reasons sum up to this surge, such as the rising inflow of institutional investors and increasing whale activities in the market.
Analysts predict the crypto space has already entered the bull run cycle, and the star crypto recording a price level of $40,000 before the year-end will confirm it. The industry is predicted to record new ATH by 2025, with the market leader surpassing the $100,000 at its peak.
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