The global cryptocurrency market saw a significant surge on Friday, buoyed by optimism surrounding potential Bitcoin ETF approvals and comments from Federal Reserve Chair Jerome Powell indicating no imminent rate hikes.
Bitcoin, the largest cryptocurrency by market capitalization, rose by 3.33% to trade at $29,215.25. Its one-day trading volume and market cap increased by 24.88% and 3.31% respectively. This surge in Bitcoin's price contributed to its dominance in the global crypto market, which stood at 51.47%.
Ethereum, the second-largest cryptocurrency, gained 2.23% and was trading at $1,584.31. The volume of Ethereum traded over the past 24 hours rose by 10.73%. Other major cryptocurrencies such as XRP and Solana also experienced growth, with increases of 7.05% and 9.81% respectively.
In the realm of meme coins, Dogecoin, Shiba Inu, and Pepe Coin saw increases of 2.11%, 3.07%, and 2.66% respectively. However, not all cryptocurrencies experienced gains; ApeCoin (APE) dropped by 2.94%.
The total global crypto market capitalization surged by 2.97% to reach $1.11 trillion, while the global crypto market volume soared by 3.77%. Despite these notable gains, the overall market sentiment remained neutral with a fear & greed index reading of 49.
In addition to the major cryptocurrencies, some altcoins also recorded significant gains on Friday. Bitcoin SV (BSV) rose by an impressive 26%, while Stacks (STX) increased by 13%.
These movements in the crypto market highlight the impact of external factors such as regulatory developments and macroeconomic statements on digital asset prices. The market's reaction to Powell's comments and the anticipation of Bitcoin ETF (TSX:EBIT) approvals underscore the sensitivity of crypto prices to these influences.
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