- Bitcoin is trending among market participants amidst anticipation of a Spot Bitcoin ETF approval.
- ORDI has gained popularity as a Bitcoin Layer 2 token, yielding nearly 155% gains in the past week.
- STX, LUNC, PEPE and CFX rank among trending tokens that rallied alongside Bitcoin, as BTC price crossed the $41,000 mark.
Bitcoin price crossed the $41,400 level early on Tuesday. The largest cryptocurrency by market capitalization extended its gains and continued its rally, after yielding 12% weekly gains for holders. The anticipation surrounding Spot Bitcoin ETF approvals is one of the key catalysts fueling the hype among BTC holders.
Alongside the BTC price rally, several altcoins have extended their gains. ORDI, a Bitcoin Layer 2 token, and Stacks (STX), a Bitcoin Layer 2 protocol, both likely piggybacked on BTC’s price rally in the past two weeks.
Other cryptocurrencies Terra Luna Classic (LUNC), PEPE Coin (PEPE) and Conflux Network (CFX) rank among trending tokens according to Santiment data.
Trending cryptocurrencies: ORDI, STX, LUNC, PEPE, CFX
While ORDI and STX tokens are trending as a result of their association with Bitcoin, as projects linked with BTC Layer 2, meme coin PEPE rallied as one of the largest cryptocurrency exchanges, Binance, recently announced the acceptance of the token as collateral for loans.
Start using $PEPE as collateral with #Binance Loans.
— Binance (@binance) December 4, 2023
For a limited time, get 10M $PEPE when borrowing any token against it.
More here https://t.co/saPqsEIub1 pic.twitter.com/wpYVqsXV1s
The frog-themed meme coin yielded nearly 40% weekly gains for holders and currently trades at $0.000001530. Other catalysts driving gains in PEPE are the meme coin’s utility boost, as Travala.com started to accept payments in the asset.
Terra Luna Classic (LUNC) is trending among market participants as following a 3.9 billion LUNC token burn, by Binance. The exchange’s LUNC burn event ushered 22% gains in LUNC overnight. At the time of writing, LUNC price declined nearly 8% on the daily timeframe, as the asset trades at $0.0002395 on Binance.
CFX yielded nearly 35% weekly gains for holders as Conflux Network holders prepare for the AWS Web3 Developer Camp event in Hong Kong on December 7. CFX ended November on a bullish note as the project partnered with a Web3 game, a storage client, an intelligent messaging protocol and a cryptocurrency exchange. CFX price noted a 5% decline in the past 24 hours and is currently trading at around $0.2115.
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