On September 12, the cryptocurrency market experienced a notable bullish rally, with Bitcoin (BTC) breaking through the $58,000 barrier and major altcoins such as Ethereum (ETH), Solana (SOL), and XRP reflecting similar upward movements. The total market capitalization increased by 1.38% to reach $2.04 trillion, and trading volume surged by 18.90% to $72.25 billion over the past 24 hours.
Bitcoin Leads the Rally
Bitcoin’s price climbed nearly 2.5% within the last day, reaching $58,258. The coin’s trading range for the day was between $55,567.34 and $58,454.16. This upward trend persists despite $43.97 million in outflows from Bitcoin exchange-traded funds (ETFs) reported as of September 11. The decline in Bitcoin reserves on exchanges, as noted by CoinGape Media, continues to fuel positive investor sentiment. Bitcoin’s dominance in the market saw a slight increase of 0.17%, standing at 56.19%, with its market cap at $1.15 trillion.
Ethereum Shows Resilience
Ethereum also saw a 1% increase, trading at $2,370. The coin’s price fluctuated between $2,279.05 and $2,390.19 throughout the day. Despite $542.87K in outflows from Ethereum ETFs and a recent increase in ETH transfers to exchanges, Ethereum’s market cap stood at $285.23 billion. This resilience amid significant ETF outflows highlights Ethereum’s ongoing strength in the market.
Solana and XRP Make Gains
Solana (SOL) saw a 1.5% gain, bringing its price to $135.72, with intraday lows and highs at $128.43 and $135.94, respectively. The coin’s market cap is currently at $63.51 billion. XRP also experienced a modest 0.7% rise, trading at $0.5374, with a trading range of $0.5239 to $0.539. However, some analysts have noted potential bearish pressure that could drive XRP prices down to $0.47.
Meme Coins and Emerging Tokens
In the meme coin sector, Dogecoin (DOGE) and Shiba Inu (SHIB) saw increases of 1% and 0.6%, respectively, trading at $0.1024 and $0.0000134. Meanwhile, PEPE and FLOKI also recorded slight gains of nearly 1%.
Emerging cryptocurrencies showed significant gains. SUI led the pack with a 13% increase, trading at $1.01. BinaryX (BNX) and MANTRA (OM) followed with gains of 7%, trading at $1.58 and $1.10, respectively.
Top Losers
On the downside, Notcoin (NOT) and Dogwifhat (WIF) both experienced declines of 3%, with prices falling to $0.007804 and $1.56, respectively. Worldcoin (WLD) saw a 2.5% decrease, bringing its price down to $1.40.
The hourly charts suggest continued optimism, with Bitcoin and Ethereum gaining 0.21% and 0.22%, respectively, fueling further optimism in the cryptocurrency market.
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