The crypto market has been on the bullish run lately from October, once again reflecting the “Uptober” sentiment in the market. Meanwhile, the market has been highly volatile throughout the year, due to a flurry of regulatory and macroeconomic concerns.
Despite the downturn momentum witnessed initially in the digital asset space in 2023, the market has bounced back, suggesting increasing confidence of the investors. Meanwhile, market watchers believe that the cryptocurrency market has noted significant gains over the past few weeks, mainly due to optimism over Bitcoin Spot ETF approval. According to several analysts, the approval could inject billions of dollars into the BTC market.
In addition, the recent economic data also showed that inflation is cooling, while the economy remains stable. Having said that, the Federal Reserve officials have also turned dovish with their rate hike plans, further bolstering the market participants’ confidence.
On the other hand, the market seems to be bullish with the upcoming Bitcoin halving date, which might push the market even higher. So, given the number of catalysts, the market seems to regaining its ground in recent days.
Crypto Prices This Week
Talking about the crypto prices, the Bitcoin price noted gains of over 7% over the past week and traded at over $37,000. Meanwhile, its market cap rose to $726.14 billion at its current price, surpassing the market cap of Tesla.
On the other hand, the Ethereum price surged nearly 13% in the last seven days, and traded at around $2,070, while its market cap stood at $249.03 billion. Simultaneously, the BNB price added around 7% through the week, with its market cap at $38.13 billion.
Among other major cryptos, the XRP price was up over 10% and the Cardano price rose nearly 19% over the past week, and traded at $0.6742 and $0.3836, respectively.
Talking about the meme coins segment, the Dogecoin price surged around 17% in the last week and traded at $0.08047, with its market cap at $11.40 billion. On the other hand, the Shiba Inu price noted gains of 19% to $0.000009328 through the week.
Meanwhile, the gains in the major crypto prices have also bumped the overall crypto market’s performance. The global crypto market cap surged by around 9% over the past week to $1.42 trillion. Notably, the crypto market fear and greed index was at 78, suggesting a bullish sentiment in the market.
The Top Performing Cryptos This Week Includes
FTX Token (FTT) Skyrockets 272%
The FTX Token price was up over 272% in the last seven days and traded at $4.4, catching the eyes of the crypto market enthusiasts. Meanwhile, FTT, the token of the now-defunct FTX crypto exchange, experienced a significant surge following remarks by SEC Chair Gary Gensler, suggesting a potential revival of the exchange “within the law.”
Cronos (CRO) Surges 62%
The Cronos crypto was also among the top percentage gainers in the crypto market this week. The Cronos price noted gains of around 62% over the past week and traded at $0.11. It has also witnessed a substantial increase in its market cap over the week which stood at $2.73. Although there is no apparent news for the recent surge, it seems that the bullish momentum in the broader market has helped gains in the crypto price.
Kaspa (KAS) Soars 63%
The Kaspa price soared 63.40% over the last seven days and traded at $0.090. In addition, the market cap of the crypto has also witnessed a significant increase in recent days and stood at $1.92 billion at the same time. Meanwhile, the crypto touched its all-time high of $0.09881 on November 10, 2023, amid the recent gains.
