Bitcoin’s recent surge over the weekend propelled the leading cryptocurrency to a fresh all-time high of nearly $73,000. This increase was supported by a positive start on Monday, setting the stage for a record-breaking achievement. The surge was not limited to Bitcoin alone, as several altcoins, including XRP, also experienced significant gains. Despite lagging behind in recent weeks, XRP managed to soar to a multi-month peak of over $0.75, marking a notable milestone in its price movement.
The Market Rollercoaster
The cryptocurrency market witnessed a rollercoaster ride in the past week, starting with Bitcoin’s rapid climb towards its 2021 all-time high of $69,000. The breakthrough seemed inevitable, and the milestone was achieved last Tuesday. However, the celebration was short-lived as a violent rejection followed, causing BTC to plummet by almost ten grand and triggering over $1 billion in liquidations. The bulls quickly intervened, driving Bitcoin’s price back up and pushing it close to the $69,000 level by Friday. A subsequent leg-up on the same day propelled BTC above $70,000 for the first time in history. Although another rejection occurred, Bitcoin maintained a relatively stable price around $69,000 over the weekend.
New Highs and Altcoin Surges
Monday brought further gains for Bitcoin, with the cryptocurrency surging by several thousand dollars and reaching a new all-time high of nearly $73,000. Despite a slight retreat from this peak, BTC continues to trade above $71,000, showcasing its resilience and market dominance. With a market capitalization exceeding $1.4 trillion, Bitcoin solidifies its position as the 8th largest financial asset globally. Additionally, its dominance over other cryptocurrencies hovers close to 50%, according to CoinGecko data.
While Ethereum (ETH), Binance Coin (BNB), and Solana (SOL) had been leading the pack in terms of gains in recent weeks, Ripple’s XRP was struggling to keep up. However, a significant turnaround occurred recently, with XRP experiencing a double-digit surge and hitting a multi-month high above $0.75. Despite a slight retracement, XRP continues to trade around $0.7 after a 12% daily increase.
Other altcoins have also made notable gains, with Avalanche (AVAX) nearing $50 after a 10% surge, and TON stealing the spotlight with a massive 27% jump to over $3.5. The overall crypto market cap has seen a $20 billion increase on a 24-hour basis, reaching $2.830 trillion on CoinGecko, signaling a broader market rally and investor optimism.
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