The cryptocurrency sector started the week on a high note, with Bitcoin climbing more than 3% in the last 24 hours to reach $115,171 during early Monday trading, inching closer to the psychological $120,000 threshold.
Market participants are eyeing the upcoming U.S. Consumer Price Index (CPI) report, which could shape expectations around interest rates and fuel further price swings.
Optimism stemming from progress in U.S.-China trade talks has bolstered risk appetite worldwide, spilling over into digital assets and driving broad-based gains.
Altcoins Shine Amid Broader Rally
Ethereum spearheaded the advance among major alternatives, rising 6.77% to $4,196. Other prominent tokens also posted solid increases: BNB, XRP, Solana, Dogecoin, Tron, Cardano, and Hyperliquid recorded gains ranging up to 11% over the same timeframe.
The total cryptocurrency market value expanded 3.72% to $3.89 trillion, signaling heightened trading volumes and restored investor confidence.
Hyperliquid led daily performers with a 10.51% jump, while Dogecoin followed with a 5.77% increase, highlighting demand for high-momentum plays beyond the top two coins.
Over the past seven days, Bitcoin advanced 4.70% and Ethereum 4.25%. Several altcoins delivered even stronger weekly returns, with some climbing as much as 26%. Tron was the lone underperformer among large-cap tokens, dropping 6.15%.
Experts point to a mix of favorable macro conditions, growing involvement from institutions, and bullish chart patterns as key drivers behind the uptrend. With inflation data on the horizon, traders are bracing for volatility while maintaining positions for additional upside.
Nigeria’s Crypto Boom Outpaces Traditional Markets
The global surge aligns with explosive cryptocurrency activity in Nigeria, where transaction volumes topped $50 billion (approximately N75 trillion at N1,500 per dollar) from July 2023 to June 2024, according to Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC).
That figure represents nearly two-thirds of the Nigerian stock market’s N98.8 trillion capitalization as of October 24.
Speaking at the Chartered Institute of Stockbrokers’ annual conference, Agama described the trend as evidence of evolving investor preferences: “This massive engagement in digital assets reveals a sophisticated yet risk-tolerant base that the conventional capital market has struggled to capture.”
He expressed alarm at the stark disparity in formal market participation. Only about 4% of Nigerian adults invest in equities, with fewer than three million registered accounts. By contrast, over 60 million citizens wager an estimated $5.5 million daily on gambling platforms.
Agama warned that low equity market involvement hampers capital formation and economic expansion, urging reforms to bridge the gap and channel crypto enthusiasm into productive long-term investments.
As digital assets gain mainstream traction, Nigeria’s parallel crypto ecosystem underscores both opportunity and the pressing need for inclusive financial frameworks.
