The cryptocurrency market experienced a significant surge on Monday, September 23, 2024, reaching a total value of $2.22 trillion. This marked a 1.3% increase within a span of just 24 hours. Bitcoin (BTC) saw an 8.7% climb against the U.S. dollar over the past week, while ether (ETH) enjoyed an impressive 15.8% rise. However, other digital currencies outperformed these top coins by posting even larger gains.
In terms of the biggest movers of the week, the token for Celsius network (CEL), which is associated with the now-defunct Celsius firm, experienced a meteoric rise of 339% against the dollar, making it the only three-digit performer in the last seven days. Following closely behind CEL was paal ai (PAAL) with a 73% increase.
Immutable X (IMX) witnessed a jump in value by 48%, while sui crypto (SUI) moved up by 42%. Other notable gainers included ARKM with a 41.25% increase, AERO with a 38.95% rise, APT with a 37.09% climb, and MOG with a 29.06% surge.
When looking beyond BTC, ETH, and stablecoins, SOL emerged as the leader in terms of trading volume for the week. It was closely followed by BNB, XRP, SUI, DOGE, NEAR, PEPE, and ONDO. Despite the overall market upswing, a few tokens, approximately six, experienced losses ranging from 5% to 15%.
Binaryx (BNX) suffered the biggest loss, dropping by 15.04% against the U.S. dollar. Catizen (CATI) followed with a 14.10% loss, while trust wallet token (TWT) fell by 11.51%. Dogs (DOGS) saw a decline of 10.43%, fasttoken (FTN) slipped by 7.71%, and rollbit coin (RLB) dipped by 5.55% over the past week. Despite the rally this week, it is surprising to witness a token like CEL, which lacks an active use case, experience such a dramatic surge. This momentum is unlikely to be sustained in the long term.
What are your thoughts on the recent developments in the crypto market? Feel free to share your opinions in the comments section below.
