BTC - Why Major Altcoins Were Soaring on Monday
2024-03-11 19:57:25 ET
Monday was yet another day in the latest cryptocurrency rally. As always, some of the more popular altcoins rushed higher along with the top crypto investments.
The day's double-digit winners included XRP (CRYPTO: XRP) , which had risen by 17% in late afternoon trading from 4 p.m. ET the previous Friday. NEAR Protocol (CRYPTO: NEAR) was also doing well with a 14% gain, as was Toncoin (CRYPTO: TON) at a 17% increase and Avalanche (CRYPTO: AVAX) , advancing 15%. Utility token Chainlink (CRYPTO: LINK) was a standout, increasing by just shy of 20%.
These days, there's no mystery as to why those cryptocurrencies are soaring. People just can't keep their hands off spot Bitcoin (CRYPTO: BTC) spot exchange-traded funds (ETFs), the hot investible securities of the moment. That really isn't surprising, as these instruments offer investors the chance to hold Bitcoin without the hassle of direct ownership (which requires owning and managing a dedicated digital wallet, among other inconveniences).
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Why Major Altcoins Were Soaring on Monday