The crypto market has gone through broad-scale activity on Monday following a huge buyout. As per the latest reports, Trump Media & Technology Group performed a stunning $2B buyout of Bitcoin ($BTC) as well as Bitcoin-related securities, boosting the market morale. However, the top altcoins like Ethereum ($ETH), Solana ($SOL), and Dogecoin ($DOGE) outcompeted the flagship cryptocurrency in terms of gains.
Trump Media’s $BTC Buyout Shows Higher Gains in the Crypto Market
Based on the market statistics, the $2B buyout of Trump Media has played a crucial role in elevating Bitcoin’s market position. Nonetheless, the latest gains of Ethereum ($ETH), Solana ($SOL), and Dogecoin ($DOGE) are even bigger. In this respect, Bitcoin ($BTC) jumped near $119K mark but saw selling pressure and plunged to $116,233. In the meantime, Ethereum ($ETH) has effectively breached the $3,800 spot, denoting the 1st instance over 7 months.
Additionally, the top altcoin’s open interest spiked by 3.95% to reach the staggering $58B, highlighting mounting trader confidence. Apart from that, Solana has efficiently surpassed the $200 mark, marking the first such instance since March. Simultaneously, the token has seen a 9% increase over the past twenty-four hours, touching $203 before minor profit-taking. Particularly, the significant inflows into Solana derivatives, including 8.87% rise of $SOL CD20, have fueled this spike.
Dogecoin Shows 32% Rise over 1 Month Parallel to CryptoPunks and Pudgy Penguins-Led NFT Surge
Along with that, Dogecoin ($DOGE) has also experienced a considerable uptake, jumping by 32% over the past thirty days. At the same time, it has touched a unique 5-month high price level of $0.279 while its trading volume accounts for an 84% increase over twenty-four hours to touch $6.56B. Keeping this in view, it could soon surge to $0.65 as the nearest price target.
Moreover, the first day of the week has also been beneficial for the NFT market. Particularly, the top NFTs like CryptoPunks and Pudgy Penguins have dominated the overall market growth with 15.9% and 15% gains in the meantime. Overall, the NFT market capitalization has touched $6.34B after a 21.2% rise. Hence, in line with this wider boom in the altcoin and NFT sectors amid subdued performance of Bitcoin underscores a huge altcoin season as the investor sentiment is shifting.
