Altcoin holders saw significant gains Friday as a surge across the cryptocurrency market lifted major tokens over the past 24 hours. Bitcoin also reclaimed the $78,000 mark, bouncing back aft
Altcoin holders saw significant gains Friday as a surge across the cryptocurrency market lifted major tokens over the past 24 hours. Bitcoin also reclaimed the $78,000 mark, bouncing back after concerns over the stalled CLARITY Act and the Federal Reserve’s recent interest rate increase.
Bitcoin’s return above $78,000 sealed a three-day stretch of positive momentum. Most tokens among the top 100 by market capitalization traded in the green during the same period, reflecting a widespread recovery.
The overall market capitalization of the crypto sector rose 2.55% to approximately $2.68 trillion, according to CoinMarketCap’s latest data.
A number of tokens recorded standout performances, with Starknet (STRK), Arbitrum (ARB), Uniswap (UNI), Hyperliquid (HYPE), Zcash (ZEC), Solana (SOL), and NEAR among the biggest gainers over the previous 24 hours.
Evaluating weekly performance, Lisk (LSK), Arbitrum, GEODNET, NEAR, Zcash, and Uniswap emerged as the top gainers tracked by CoinMarketCap.
Token 24h Gain Weekly Gain Arbitrum (ARB) Significant 167% Zcash (ZEC) Strong Among top Lisk (LSK) – Highest Uniswap (UNI) Notable Among topArbitrum’s ARB token posted a 167% increase over the last month, driven by a surge in tokenized real-world asset flows. Meanwhile, Zcash approached the $1,500 level after a major September 17 short squeeze eliminated $56.35 million in bearish positions.
Mini dictionary: Short squeeze, a market event where a rapid price increase forces traders betting against the asset to buy back into it, further accelerating the price movement and causing substantial losses for those holding short positions.
Rising activity in crypto derivatives further supported spot prices, with cumulative open interest climbing nearly 5% to reach $141.2 billion.
This broad rally came amid considerable macroeconomic pressure. The failure of the CLARITY Act to secure enough votes in Congress on Tuesday sent Bitcoin’s price briefly below $75,000.
The Federal Reserve intensified the challenges by implementing its first interest rate hike in over three years, while the Bank of Japan set its own benchmark rate at its highest level since 1993.
Despite these developments and the historical trend of September being Bitcoin’s weakest month, BTC managed to limit its monthly loss to 1.5% and remained up about 32% for the quarter.
Analysts now generally agree that sellers have lost momentum and that Bitcoin has likely found its bottom for this cycle.
Kevin O’Leary, a businessman and investor known for his role on the TV program Shark Tank, shared at the Avalanche Summit that he has started acquiring new positions for the upcoming market cycle. He does not, however, expect the CLARITY Act to advance before the midterm elections.
Market participants observe that the return of large buyers like Kevin O’Leary, along with exhausted sellers and rising open interest, point to renewed bullish momentum despite ongoing political and macroeconomic uncertainty.
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