While Bitcoin is showing potential for an uptrend, the altcoin market is also displaying signs of recovery with notable surges in cryptocurrencies like ETH and XMR.
Bitcoin and Altcoins: Current Situation
Bitcoin is on the verge of a potential uptrend, while the altcoin market shows noticeable recovery with a significant surge in ETH and XMR prices. ETH, which recently hit a low near $2,100, has surged above $2,800, attempting to reclaim the $3,000 range. This follows an announcement confirming Elon Musk's intention to place the U.S. Treasury on the Ethereum blockchain. Meanwhile, XMR has also drawn attention from investors, surging 6% in a day, the highest among major altcoins.
Cryptos on the Rise
Apart from ETH and XMR, several cryptocurrencies have shown remarkable growth. The FTX token (FTT) surged over 7% following an announcement from FTX Recovery Trust about distributing funds to creditors with claims under $50,000. Additionally, TRUMP's price increased by 9% and is trying to surpass $20, according to Coinmarketcap data.
Market Volumes and Stats
The global crypto market cap today stands at $3.23 trillion, with a 24-hour trading volume of $119.54 billion.
The cryptocurrency market's recovery continues, with certain altcoins showing significant growth. The definite signs of market uplift highlight investor optimism and point toward potential further strengthening of the cryptocurrencies' positions.
