SUI Leads Crypto Rally with 31% Surge as Bitcoin Tops $102K and Ethena Climbs 24%

In the world of cryptocurrencies, a bullish wave has taken the market by storm, with bitcoin leading the charge by surpassing the $100,000 mark. This impressive ascent was accompanied by ethereum, which saw a notable 6.5% increase, while both XRP and solana experienced gains ranging between 5.5% and 6.5%. The standout performer of the day, however, was SUI, which surged by an impressive 31%, closely followed by Ethena (ENA) with a 24% increase over the past day.

The total market capitalization of cryptocurrencies saw a 5.5% boost, currently standing at approximately $3.58 trillion. Despite this upward momentum, the 24-hour trading volume experienced a significant drop of 30.5%, settling at $213 billion. The current market sentiment is strongly bullish, with the Fear and Greed Index maintaining a position of 80, indicating a period of extreme greed among investors.

In light of the latest US Consumer Price Index (CPI) inflation data, which was reported at 2.8%, market optimism has been invigorated, triggering a rally in Bitcoin and various Altcoins. Bitcoin’s resurgence past the $100,000 threshold, now priced at $101,200, underscores the renewed investor confidence. Among major altcoins, Ethereum (eth), XRP, and Solana (SOL) have all displayed positive movements, each achieving single-digit percentage increases over the last 24 hours, reflective of the broader bullish trend that also encapsulates meme coins.

Bitcoin’s current price is pegged at $101,450, marking a 4.5% uplift in the past 24 hours. The cryptocurrency’s trading range within the same period has fluctuated between $97,500 and $101,900. Bitcoin’s market valuation has reached $1.98 trillion, supported by a trading volume of $80 billion, and it commands a market dominance of 54.5%. Recent reports from Farside Investors indicate that exchange-traded funds (ETFs) have recorded an influx of $225 million, with significant contributions from Fidelity amounting to $120 million and ARK 21Share accounting for $51 million.

Ethereum’s value currently stands at $3,890, reflecting a 6.5% increase over the past 24 hours. Within this duration, Ethereum’s price oscillated between $3,650 and $3,885, and it has gained 18% over the past week. The market capitalization of Ethereum is now $465 billion, supported by a trading volume of $33 billion. Notably, Ethereum ETFs have seen a total inflow of $103 million, with BlackRock contributing $73 million and Grayscale adding $11 million. Analysts are optimistic about the potential for a 155% increase in the prices of Bitcoin, Ethereum, and Solana, especially under the leadership of a crypto-friendly administration in the future.

XRP is trading at $2.42, a rise of 5.5% in the last 24 hours. The digital asset’s 24-hour low and high were $2.29 and $2.46, respectively. With a market cap of $136 billion and a trading volume of $11.5 billion, XRP remains the fourth largest cryptocurrency by market cap. Analyst Dark Defender has suggested that XRP’s price could potentially rise to $5 in the near future.

Solana’s current trading price is $230, marking a 6.5% increase over the last 24 hours. The trading range for Solana during this period has been between $218 and $231. Solana’s market capitalization stands at $108 billion, with a trading volume of $4.8 billion. Additionally, Solana’s meme coin, PNUT, experienced a 36% surge following its recent listing announcement on Coinbase.

In the realm of meme coins, Dogecoin (DOGE) has risen by 7.5%, trading at $0.417, while Shiba Inu (SHIB) advanced by 9.5% to $0.00002959. Analyst Ali Martinez predicts that DOGE could potentially soar to $8 during this bull market cycle. Other meme coins such as PEPE, BONK, and WIF have shown gains between 12% and 16% over the last 24 hours.

Among the top gainers, Sui (SUI) is currently trading at $4.82, reflecting a 31% increase in the last 24 hours, making it the leading gainer for the day. SUI’s market cap is $13 billion, with a trading volume of $2.9 billion. Ethena (ENA), another strong performer, is trading at $1.105, showing a 24% increase in the past 24 hours. Its 24-hour low stood at $0.91, with an 82% increase over the past month.

On the downside, XDC Network is the top loser today, with its price trading at $0.087, marking a 4.5% decline in the last 24 hours. Meanwhile, in short-term trading, Bitcoin has gained 1.5% over the past hour, with Ethereum, XRP, and Solana also showing positive hourly growth, indicating a prevailing upward trend in the crypto market.