PEPE, SOL, STX Steal Spotlight from BTC Amid Grayscale Court Victory

The global crypto market’s trading volume is up significantly in the last 24 hours by over 136%. According to data from the market tracking platform CoinMarketCap, crypto traders bought and sold over $56.26 billion in the past day.

CoinMarketCap’s first page shows most coins trading in the green. While Bitcoin (BTC) led the recent market rally, some altcoins have stolen the spotlight from Bitcoin. Bitcoin grew only 5.59% in the last 24 hours.

However, altcoins such as Stacks (STX), Toncoin (TON), and Bitcoin Cash (BCH) saw double digital gains. In particular, STX saw 18.09% growth under a 24-hour window, putting its price at $0.5299. Traders exchanged $210,202,148 of STX in the same period.

Similarly, TON came next. The digital asset appreciated by 15.91% to trade at $1.74. However, TON had a much lower trading volume as traders only exchanged $41,929,365 worth of the coin. Bitcoin Cash had a more significant trading volume among the top three market performers.

In particular, crypto market participants bought and sold over half a billion dollars worth of BCH. The $553,780,618 figure puts BCH next to Bitcoin among all the 30 top gainers. The increased activity puts BCH’s price at $215.53.

Other notable cryptocurrencies above Bitcoin on the top gainer list include Pepe (PEPE) and Solana (SOL). PEPE is up by over 7% after seeing a trading volume above $126 million. SOL gained 6.43%, trading at $21.45.

Notably, these substantial boosts in the crypto market came after a noteworthy development from the U.S. judicial system. The US Court of Appeals sided with Grayscale Investments in its legal dispute against the U.S. regulator, the SEC.

The court instructed the SEC to re-evaluate its previous denial of Grayscale’s request to transform its Grayscale Bitcoin Trust into a spot exchange-traded fund.