The cryptocurrency market kicked off the week with strong bullish momentum, as Bitcoin surged over 3% in the past 24 hours to trade at $115,171 early Monday.
Traders are now watching closely as the leading digital asset approaches the $120,000 mark, with anticipation building ahead of the upcoming U.S. Consumer Price Index (CPI) release.
The rally was further supported by positive developments in U.S.-China trade negotiations, which helped lift global investor sentiment and contributed to gains across major crypto assets.
Ethereum climbs 6.77%
Ethereum led the altcoin charge, climbing 6.77% to $4,196, while other top tokens, including BNB, XRP, Solana, Dogecoin, Tron, Cardano, and Hyperliquid posted gains of up to 11% over the same period. The overall global crypto market capitalization rose 3.72% to $3.89 trillion, reflecting renewed confidence and increased trading activity.
Among the standout performers, Hyperliquid recorded the sharpest 24-hour surge, jumping 10.51%, followed by Dogecoin, which gained 5.77%. These movements underscore growing interest in alternative digital assets as traders seek diversification and short-term momentum plays.
Looking at the weekly performance, Bitcoin rose 4.70%, while Ethereum gained 4.25%. Other major tokens — including BNB, XRP, Solana, Dogecoin, Cardano, and Hyperliquid posted weekly gains of up to 26%, highlighting the strength of the broader market rally. In contrast, Tron slipped 6.15%, making it the only major token to decline over the past seven days.
Analysts attribute the surge to a combination of macroeconomic optimism, rising institutional interest, and technical indicators pointing to sustained upward momentum. With CPI data expected to influence monetary policy expectations, traders are positioning for potential volatility and further upside.
The crypto market’s resilience and rapid recovery continue to attract global attention, with investors closely monitoring price action and macro signals as the digital asset space matures into a mainstream financial sector.
What you should know
- This global momentum coincides with a dramatic rise in cryptocurrency adoption in Nigeria.
- According to the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, Nigeria recorded over $50 billion in crypto transactions between July 2023 and June 2024.
- At an exchange rate of N1,500 to the dollar, this equates to N75 trillion, nearly two-thirds of the Nigerian equities market capitalization, which stood at N98.8 trillion as of October 24.
Speaking at the annual conference of the Chartered Institute of Stockbrokers, Dr. Agama highlighted the implications of this surge:
“The sheer volume of digital asset activity underscores both the financial sophistication and risk appetite of Nigerian investors — a demographic the traditional capital market has failed to attract.”
Despite the vibrant crypto engagement, Agama expressed concern over low participation in the formal capital markets. Fewer than 4% of Nigeria’s adult population actively invests in the equities market, a trend he described as a “critical drag on economic growth and capital formation.”
He added that while fewer than three million Nigerians are registered market participants, over 60 million citizens engage daily in gambling, wagering an estimated $5.5 million every day — a stark contrast that reflects shifting investment behaviors and the urgent need for financial inclusion.