- Top crypto gainers: Bitcoin Cash fronted the rally with a 35% surge, while Bitcoin SV and LayerZero likewise registered double-digit gains.
- Bitcoin hovered near $87,000 as total cryptocurrency market capitalization reached approximately $2.93 trillion.
Bitcoin maintains its position near the $87,000 threshold as the wider digital asset market recovery persists, accompanied by sharp upward momentum in several altcoins. BTC touched an intraday high of roughly $87,265 on Sep. 23 and has sustained a price around the $86,950 mark since then. The broader crypto market briefly reclaimed a $3 trillion valuation during the week as both Bitcoin and primary altcoins advanced.
Notable performers include Bitcoin Cash (BCH), Bitcoin SV (BSV), and LayerZero (ZRO), which all registered strong advances alongside an extended upward trend for Pudgy Penguins (PENGU).
Bitcoin Cash Gains as CME Plans BCH Futures
- Market cap: $7.15B
- Volume (24h): $1.57B
Bitcoin Cash emerged as one of the most resilient large-cap assets. BCH trades near $358, with CoinMarketCap figures indicating an approximate 33.5% increase over a 24-hour period. The token closed September 22 at $345.04 following a 29.09% single-session jump, up from $267.29 the day before. BCH additionally experienced a dramatic expansion in trading activity, with volume leaping past 295% as the upward momentum accelerated.
This price action followed an announcement from CME Group detailing plans to introduce Bitcoin Cash futures on October 19, subject to regulatory review. The scheduled contracts will encompass standard futures of 250 BCH alongside Micro Bitcoin Cash futures representing 25 BCH. CME noted that this introduction is a response to client demand for regulated instruments capable of managing exposure to high-liquidity crypto assets.
Bitcoin SV Extends Its Recent Recovery
- Market cap: $454.34M
- Volume (24h): $61.94M
Bitcoin SV likewise climbed, trading close to $24 and securing roughly a 28.22% increase over the past 24 hours according to recent CMC data. BSV moved upward from approximately $17.22 on September 20 to near $22, building upon a recovery phase that has lifted the token over the preceding week.
This recent upward movement occurred without any distinct, fresh announcements specific to BSV, leaving the wider cryptocurrency market rally and heightened trading volume as the primary catalysts for the price growth.
LayerZero Rallies as Institutional Stablecoin Use Expands
- Market cap: $546.67M
- Volume (24h): $173.01M
LayerZero token ZRO is exchanging hands above $1.46, registering an increase of roughly 26.72% over 24 hours. The movement succeeds a robust climb from about $1.18 on September 21. ZRO also posted heavy trading activity, watching its volume swell by over 100%.
This surge unfolds as Anchorage Digital selected LayerZero to serve as its interoperability partner for stablecoin issuance. Tether’s USAT stands as the inaugural Anchorage-issued stablecoin to leverage LayerZero’s Omnichain Fungible Token standard designed to facilitate transfers across diverse blockchain networks. LayerZero reported that this standard accommodates transfers across more than 170 blockchains and has processed approximately $280 billion.
PENGU Adds to the Meme and NFT Rally
- Market cap: $682.27M
- Volume (24h): $494.84M
Pudgy Penguins asset PENGU is likewise trending upward. CoinMarketCap statistics place PENGU close to $0.01059, with its 24-hour return exceeding 22%. PENGU initially rose by 14.32% on September 22 following an 11.83% increase the day prior, bringing the token up from $0.00786 on September 20 to nearly $0.01.
Altogether, the crypto market displays widespread participation extending past Bitcoin alone. Total crypto market capitalization climbed back above the $3 trillion milestone recently, while Bitcoin acts as the core anchor of the recovery and altcoins generate steeper percentage gains.
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Frequently Asked Questions
Which altcoins were the top crypto gainers?
Bitcoin Cash led the market rally with a 35% increase, while Bitcoin SV and LayerZero also recorded double-digit growth. Pudgy Penguins (PENGU) also extended its recent upward trend.
What triggered Bitcoin Cash’s recent surge?
The upward movement followed CME Group’s announcement of plans to launch Bitcoin Cash futures on October 19, pending regulatory review, which includes standard and micro futures contracts.
What drove LayerZero’s price increase?
LayerZero rallied after Anchorage Digital chose it as an interoperability partner for stablecoin issuance, utilizing LayerZero’s Omnichain Fungible Token standard for Tether’s USAT.
What was the total crypto market capitalization during the rally?
The total cryptocurrency market capitalization climbed to approximately $2.93 trillion, briefly reclaiming a $3 trillion valuation during the week.
