The cryptocurrency market experienced significant gains on Monday, with several altcoins rallying by more than 10% amidst heightened market volatility. CoinMarketCap data indicated a substantial 55% increase in daily trading volumes, coupled with a 5% rise in the total crypto market cap, elevating the market valuation above $2.5 trillion.

This surge followed last week’s increased demand for spot Bitcoin (BTC) ETFs, which drove BTC to rally over 11% in the past week, reaching a price of $69,900. Altcoins, known for their propensity to outperform Bitcoin in percentage gains due to their smaller market caps and higher volatility, saw notable price increases.

According to CoinMarketCap, the following eight altcoins in the top 100 cryptocurrencies posted significant gains:

1. Pyth Network (PYTH): The largest gainer of the day, PYTH surged by 20.7%.
2. Pendle (PENDLE): Close behind, PENDLE increased by 19.7%.
3. Beam (BEAM): BEAM saw a jump of 17.2%, placing it third.
4. Injective (INJ): INJ experienced a 14.3% hike, ranking fourth.
5. Theta Network (THETA): THETA surged more than 10%, securing the fifth position.
6. Bittensor (TAO): TAO also rose by over 10%, placing sixth.
7. SEI (SEI): SEI gained more than 10%, ranking seventh.
8. Sui (SUI): SUI rounded out the top eight with an increase of over 10%.

Additionally, Ethereum (ETH), the leading altcoin, gained 9%. Despite experiencing price swings in recent hours, traders remain cautious due to upcoming decisions from the U.S. Securities and Exchange Commission (SEC) regarding spot ETH ETFs.

As previously reported by crypto.news, the SEC is set to make decisions on at least two spot Ethereum ETFs this week. Market sentiment could significantly shift based on whether these investment vehicles, backed by Ethereum, receive approval or face rejection.

This robust performance by altcoins highlights the dynamic and rapidly evolving nature of the cryptocurrency market, where investor sentiment and regulatory developments play crucial roles in shaping price movements. The increased trading volume and market cap growth underscore the continued interest and participation in the crypto space, as traders navigate the opportunities and risks presented by market volatility.