Altcoin Rally Drives Crypto Market Higher Amid SEC and CFTC Regulatory Actions

The cryptocurrency market has seen significant gains in recent days, driven by altcoins that have surpassed their May highs. According to FXEmpire, the crypto market capitalization has reached $2.8T, its highest level since January this year.

Altcoins such as NEAR Protocol (+24.4%), Avalanche (+14.5%), and The Graph (+10%) have led the charge, while Uniswap (-0.3%), Dash (+0.6%), and IOTA (+0.7%) have struggled to keep pace.

Bitcoin has also seen a price increase, reaching $81.6K and surpassing the key psychological level of $80K. However, it still faces technical resistance at the highs from early September and May.

The SEC's recent authorization of limited trading of tokenized shares on selected blockchain platforms for five years has contributed to the market's recovery, as well as the CFTC's submission of draft rules for cryptocurrency transactions and markets to the White House.