Cryptocurrency Surge Last Week: Ethereum (ETH) Surges by 9%, Solana (SOL) and Avalanche (AVAX) Also Experience Remarkable Growth

The past week brought relative calm to the cryptocurrency market, with a notable surge in the value of Ethereum (ETH). The catalyst for this was the anticipation of a potential launch of spot ETFs on traditional exchanges. This significant development propelled the price of ETH by 9% throughout the week, reaching a peak above $2100. Investors took notice, and as of November 13, 2023, one could acquire this virtual asset for $2050. The market capitalization of ETH reached an impressive $246.48 billion, with a trading volume of $61 billion over the last 7 days.

This increase in the price of Ethereum highlights the importance of events in traditional financial markets, such as ETF launches, influencing the dynamics of digital assets.

Against the backdrop of the overall growth in the cryptocurrency market, special attention should be given to the remarkable rise in quotes for Solana (SOL) and Avalanche (AVAX). Despite a slight decrease in the value of Solana by 3.84% in the last 24 hours, over the week, this token surged by 45.5%, reaching $58.2. Similarly, Avalanche's value increased by 43.9%, reaching $18.13. This growth can be attributed to active holder interest and favorable news supporting the rise of these two cryptocurrencies.

FTX Token (FTT) also garnered attention with its impressive growth of over 205% in a week. This occurred following the platform's announcement of the intention to relaunch its trading platform. Gary Gensler, the head of the U.S. Securities and Exchange Commission (SEC), expressed support for this decision, cautioning that it is possible if all rules and laws of the United States are adhered to. This episode underscores the importance of cryptocurrency platforms interacting with regulators and their commitment to complying with legislation to ensure market stability.