The cryptocurrency market witnessed a significant rally on Tuesday, March 5, with major players such as Bitcoin (BTC) and Ethereum (ETH) making notable gains. This bullish sentiment has also spread to altcoins, with several of them recording impressive price gains.
Bitcoin breaks barriers
Bitcoin, the leading cryptocurrency, continued its rise and approached the $ 68,000 mark. At the time of writing, BTC was trading at $67,414.65, up 5.99%. Additionally, trading volume increased by 107.04%, reaching a staggering $71.35 billion in the last 24 hours.
On the other hand, Ethereum, the second largest cryptocurrency, mirrored Bitcoin’s positive momentum. ETH rose 5.72% to $3,683.19, giving it a market cap of $442 billion. Transaction volume also reached $28.94 billion, a significant increase of 80.87%.
Ethereum ETF decision postponed
As the cryptocurrency market celebrates its gains, the US Securities and Exchange Commission (SEC) announced a delay in its decision on BlackRock’s spot Ethereum ETF offering. This delay, combined with the SEC’s request for public feedback, has created uncertainty regarding the potential approval of such ETFs.
Despite the ETF delay, experts remain optimistic about Ethereum’s future. The upcoming Ethereum Dencun upgrade, coupled with the current price action surpassing the $3,650 mark, suggests there is potential for further growth. Analysts predict that Ethereum may soon reach or even exceed the $4,000 mark.
Meme coins like SHIB and other altcoins also joined the rally
The uptrend has also spread to altcoins. Solana (SOL) reached the $130 level again despite a slight decline of 0.30%. While XRP recorded a 1.34% gain and surpassed the $0.64 level, Cardano (ADA) climbed 1.99% to reach the $0.7617 level. Dogecoin (DOGE) rose by 18.70% to $0.1851. However, it was Shiba Inu (SHIB) that stole the show, surging a staggering 68.27% to $0.00003834.
The Shiba Inu community has begun an attempt to “burn” tokens to reduce the circulating supply and raise its price. An increase in the burning rate has been observed recently. Memecoin’s crazy price rise can be attributed to the upcoming release of version 1.1 of the Shib Name Service (SNS), which allows holders to customize their tokens.
This increase has brought SHIB to half of its all-time high, solidifying its position as one of the best-performing meme coins. Pepe Coin (PEPE), another trending meme coin, witnessed a rise of 8.87%, while eCash (XEC) recorded a remarkable jump of 62%.
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For the rest of the article, Bull Run in Bitcoin, SHIB, ETH and These 5 Coins: Reaching a Record!