Cryptocurrency market sees moderate gains, total market capitalisation rises 1.42% to US$3.53 trillion

The cryptocurrency market saw moderate gains, with the total market capitalisation rising 1.42% to US$3.53 trillion. Trading volumes surged by 13.07% in the past 24 hours

The cryptocurrency market saw moderate gains on Thursday, with the total market capitalisation rising 1.42% to reach US$3.53 trillion at 08:38 ET (12:38 GMT). Trading volumes surged by 13.07% in the past 24 hours, showcasing renewed interest from investors.

The prevailing market mood was greed, indicated by a Fear & Greed Index reading of 76.

Bitcoin (BTC) maintained its elite status, holding 62.5% of the market share. The world’s leading cryptocurrency encountered a minor setback, slipping 0.26% over 24 hours to trade at US$111,058.12.

However, on a weekly timeframe, Bitcoin displayed stronger momentum, notching up a 6.47% gain and supported by robust trading volumes that exceeded US$66.5 billion.

Ethereum (ETH) followed suit with a 4.03% increase in 24 hours, reaching US$2,715.79 and achieving a 5.34% weekly gain, supported by solid investor activity.

Among altcoins, XRP advanced by 2.75% to trade at US$2.46, while Binance Coin (BNB) encountered a setback of 1.10%, slipping to US$689.62. Both coins exhibited healthy weekly gains of 2.67% and 4.64% respectively. Stablecoin Tether (USDT) remained largely stable, trading just below parity at US$0.9998.

Several smaller tokens displayed remarkable volatility and price spikes. Notably, WLD soared by 28.69% to reach US$1.58, and MOODENG experienced an astounding surge of 37.88%, propelling its price to US$0.3194.

Trending coins on DexScan reflected similar enthusiasm, with tokens like B/USD displaying a 39.28% gain and CETUS surging by 21.37%.

However, the altcoin season index remained modest at 28 out of 100, signalling that Bitcoin’s dominance still persists despite growing interest in altcoins.

Overall, the market’s upward trajectory and increased trading activity signal cautious optimism among investors as the sector navigates ongoing regulatory scrutiny and evolving technological developments.