The weekly crypto close

In the last trading week, the cryptocurrency market saw significant gains, driven by positive sentiment and key developments across various coins. In addition, the total crypto market cap surged 10.67%, closing at US$3.27 trillion. This increase is a strong indicator of growing investor confidence, higher liquidity, and a robust inflow of capital, factors that often lead to more bullish price action across the market.

Key highlights:

• Cardano (ADA): Led the charge with an impressive 45.55% increase. This surge was largely attributed to the departure of SEC Chair Gary Gensler, sparking optimism among investors regarding regulatory clarity for altcoins. Increased whale activity, with substantial purchases of ADA, further fuelled this rally.
• XRP: Gained 35.93%, buoyed by investor confidence following Gensler's resignation. This development has reignited speculation about Ripple's legal outcomes, with some analysts predicting a target of $23.
• Chainlink (LINK): Saw a robust 29.97% rise, driven by growing institutional adoption and positive sentiment surrounding its integration into decentralised finance (DeFi) applications.
• Avalanche (AVAX): Posted a solid 21.18% increase, benefiting from institutional interest and a favourable market environment for layer-1 solutions.
• Bitcoin (BTC) & Ethereum (ETH): Experienced gains of 8.95% and 9.27%, respectively, as momentum builds and traders anticipate a potential altcoin season, often triggered by Bitcoin's performance.

The overall rise in market cap reflects increased interest in cryptocurrencies as investors seek opportunities in both established and emerging projects.

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