The crypto industry has displayed a massive price action during the past month as major cryptocurrencies have significantly jumped their respective prices. Further, the star crypto continues to hold strong above the $36,000 mark, highlighting the possibility of the market ending the year on a bullish note.
The price of Ethereum fell below the $2,000 mark, experiencing a drop of over 3.5% in value. Other altcoins experience a similar trend with recording minor corrections in value, suggesting a minor correction phase in the market.
Despite the total market capitalization recording a correction of approximately 2.6% within the past day, altcoins have added notable value to their prices, indicating investors’ rising interest in this category.
Solana, Avalanche, PancakeSwap, and FTX have been among the month’s best performers, adding an average of more than 140% to their portfolios. Further, mid-cap altcoins have also displayed a strong bullish momentum by displaying considerable price pumps.
With the SEC listing of Solana tokens as a security, their value has surged by approximately 400%, making it the center of attraction to the market. FTX exchanges witnessed the same faith as following the SEC chair Gary Gansler’s positive statement on the future of the exchange.
FTT token recorded a surge of over 300% within the week, resulting in the token fueling the market with a fresh price pump.
The altcoin is trading at its highest since March 2022, indicating a possibility of a mini-altseason in the coming days. Overall, altcoin valuations have almost doubled, with the industry experiencing an approximately $350 Billion inflow.
The crypto industry has gained major traction following elite coins breaking out of their respective key levels. Altcoins are expected to continue gaining value before experiencing a pullback, as all indicators presently display bullish sentiment.
The prolonged bull run is yet to ignite, with many analysts claiming the run has already begun. The market is predicted to experience pullback before making a run to record new highs in the coming time.
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