The cryptocurrency market has seen significant fluctuations over the past 24 hours, with the meme coin PEPE emerging as the top performer. PEPE's value surged by 26%, hitting a new all-time high, while other digital assets exhibited varied performances.

Bitcoin's Volatility and Market Movements

After experiencing a dramatic increase, Bitcoin's price rally has paused. The leading cryptocurrency saw a sharp rise of $5,000 within a few hours, reaching a multi-month peak. However, the rally slowed down, and Bitcoin slipped below the $70,000 mark earlier today. Over the past several days, BTC had mostly traded between $66,000 and $67,000. Over the weekend, the asset struggled to break through this range.

The scenario changed on Monday due to speculation that the US Securities and Exchange Commission (SEC) might approve spot Ethereum ETFs within the week. This news sparked immediate market activity, propelling Bitcoin's price from approximately $67,000 to $72,000, marking its highest level since April 9. Following this surge, Bitcoin faced a minor pullback, causing its price to dip below $70,000. As of now, Bitcoin hovers around this level, but its short-term trajectory remains uncertain.

Altcoins' Mixed Performance

Altcoins have shown mixed results in the past 24 hours. Ethereum (ETH) benefited significantly from the positive news about the potential approval of spot Ethereum ETFs. ETH's price soared by over 20%, reaching a multi-week peak of more than $3,800. Although it has slightly retracted from this high, ETH remains in the green, trading close to $3,800.

Other notable gainers include Dogecoin (DOGE) and Shiba Inu (SHIB), each rising by 3%. In contrast, tokens such as TON, Cardano (ADA), Bitcoin Cash (BCH), and NEAR Protocol (NEAR) have seen declines ranging from 3% to 5%.

Meme Coins Lead the Gains

Meme coins have dominated the market's top gainers list. FLOKI increased by 13%, while PEPE achieved an impressive 26% surge, establishing a new all-time high. These gains highlight the ongoing investor interest and speculative trading in meme coins.

Market Overview

Despite the recent volatility, the total cryptocurrency market capitalization remains robust, slightly declining but still near $2.75 trillion. Bitcoin's market cap has dropped to $1.38 trillion, with its dominance over the altcoin market decreasing to 50.4%, according to CoinGecko.

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This period of fluctuation and growth in the cryptocurrency market underscores the importance of staying informed about market trends and regulatory developments. As the crypto landscape continues to evolve, market participants are advised to monitor news closely and be prepared for potential shifts.