Blue-chip cryptocurrencies are experiencing another impressive day, with top gainers in the crypto market seeing significant increases in a short period. In the past 24 hours alone, some cryptocurrencies have surged up to 16%, while others have seen gains of 30% within a week. The current bullish performance is a reflection of the market’s growing momentum, hinting at the possibility of a full-fledged bull market in 2024.
Multiple factors are contributing to the potential bull market. Market analysts believe that the formal approval of Bitcoin ETFs by the SEC, along with the Federal Reserve’s rate cuts, and the upcoming Bitcoin halving in April, are significant drivers behind this upward trend. Despite relatively stagnant movement over the last 24 hours, Bitcoin has climbed to $43,500, marking a 12.5% increase within a week and an impressive 159% rise in the past 12 months.
While the crypto industry still faces regulatory challenges, the resolution of Ripple’s case with the SEC in the coming year is expected to bring more clarity and optimism, further boosting cryptocurrency prices. Today has also been a fruitful day for meme tokens and junk coins, particularly those traded on decentralized exchanges (DEXes). A detailed overview of the top crypto gainers today on DEXTools reveals the extent of the market’s growth.
