According to CryptoPotato, Bitcoin and other cryptocurrencies experienced a significant surge last week, largely driven by the anticipation and subsequent approval of spot Ethereum ETFs in the United States. Among the larger-cap altcoins, UNI, PEPE, LDO, and ETH led in terms of gains. Bitcoin struggled to stay above $66,000 last Sunday, dipping below this level several times. However, the week ended on a high note, with Bitcoin nearing $72,000 for the first time in six weeks amid reports that the US SEC might approve eight spot Ethereum ETFs. Despite a mid-week dip, Bitcoin managed to bounce back to $69,000 by Friday.
The weekend was relatively calm, with Bitcoin maintaining the $69,000 level. Its market cap is close to $1.370 trillion, and its dominance over the altcoins is at 50.3%. Ethereum's native token, ETH, also experienced a significant boost, rising from $3,100 to over $3,900, its highest price since April. Other cryptocurrencies such as DOGE, LINK, and APT also saw impressive gains, with Uniswap and PEPE leading the charts. UNI increased by 44% and stands above $11, while PEPE reached several all-time highs this week.
On the other hand, SOL, TRX, TON, and ADA experienced losses on a weekly scale. Despite these losses, the total crypto market cap increased by more than $200 billion within this timeframe and is now above $2.7 trillion. The approval of spot Ethereum ETFs by the US securities regulator has had a significant impact on the market, leading to increased volatility and substantial gains for many cryptocurrencies.