Cryptocurrencies Dogecoin and Binance Coin (BNB) surge in value, while Bitcoin and Ethereum touch their upper price marks for this month.
In the world of cryptocurrencies, the past week has been nothing short of exhilarating. Several digital assets have experienced significant growth, with Dogecoin, BNB, Solana, and Ethereum leading the pack.
Dogecoin, the original meme coin, has been the biggest winner over the past day, soaring and recently trading for over $0.27 after a more than 8% jump on the day. This surge has pushed Dogecoin's market cap to new heights, despite missing out on some of the major gains seen by Bitcoin and Ethereum in recent months. Over the last week, Dogecoin has jumped by 25%.
BNB, an asset launched by Binance, has also been on a roll. In 2021, BNB has repeatedly set all-time highs, with the first breach of the $800 mark occurring this year. The sixth-biggest digital coin by market cap hit a new all-time high above $926 on Friday, marking a 3% increase over the last day and 9% over a seven-day period.
Solana, the fifth-largest digital coin, has also seen impressive growth. On Friday, Solana hit a new high since January, priced at $240, representing a 6% increase in the last day.
Ethereum, the second-largest cryptocurrency by market cap, has also been on a bull run. On Friday, Ethereum reached its highest mark so far in September, trading for $4,675. Ethereum ETFs have seen positive flows for the last three days, indicating a growing interest in this digital asset.
The surge in these digital assets can be attributed to several factors, including the potential Federal Reserve interest rate cut next week and the increasing interest from U.S. investors in ETFs giving exposure to Bitcoin and Ethereum.
CoinGecko data shows the price movements of various digital coins, including BNB and Dogecoin, providing a comprehensive view of the current stock market today. Meanwhile, the first DOGE ETF to launch in the U.S., Rex-Osprey's Doge ETF, was halted for trading until next week.
Bitcoin, the largest cryptocurrency by market cap, was recently trading for $116,331, hitting its highest price in a month on Friday. However, it didn't experience the same level of growth as Dogecoin, BNB, Solana, and Ethereum.
In addition to these major altcoins, other digital assets have also seen gains, with the altcoin markets surging off of Bitcoin and Ethereum gains. For instance, the digital assets exchange Gemini started trading on the NASDAQ at an approximately $4.4 billion valuation on Friday, marking a 32% increase compared to its upped IPO price of $28.
In the world of traditional finance, 2021 has been a significant year, with several companies, including Netskope and StubHub, listing on the NASDAQ. Notably, Netskope's stock opened at $23 per share above the $19 issue price and rose 21% on its first day, achieving a market valuation of approximately $8.8 billion.
As the cryptocurrency market continues to evolve, it's clear that digital assets are becoming increasingly mainstream and are attracting more investors. Whether you're a seasoned cryptocurrency investor or just starting out, it's an exciting time to be part of this dynamic and ever-changing market.
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