As a seasoned analyst who has witnessed the cryptocurrency market evolve from its infancy, I must say that this latest surge in Bitcoin and Ethereum prices is nothing short of breathtaking. The journey since President Trump’s election victory has been a rollercoaster ride, to say the least. I remember when BTC was hovering around $68,000 just a month ago; little did we know that it would break its March all-time high and climb towards six-digits so swiftly!
Following around three weeks of not surpassing the significant $100,000 threshold, Bitcoin‘s value eventually soared beyond it, setting a new record peak.
Several altcoins have followed suit, including ETH, which has jumped to above $3,900.
BTC Finally Goes Beyond $100K
Since Donald Trump’s victory in the US elections a month ago, it’s been quite an exhilarating ride. The main cryptocurrency was hovering around $68,000 then, but its value skyrocketed right away. It surpassed its previous high from March and continued to soar in the subsequent weeks, reaching an astounding peak of $99,800 on November 22.
Following a narrow escape from reaching six-digits, the bears stepped into action, sparking a significant drop that took Bitcoin’s price down to around $91,000 over the next few days. Yet, the bullish trend remained undeterred and regained momentum in the subsequent weeks.
Yesterday, Bitcoin surged from $95,000 to $99,000, then broke through the significant threshold of six digits earlier today. Not only that, but it continued to rise and reached a new peak of $103,500.
Regardless of its current price being slightly less than $103,000, Bitcoin’s market capitalization has soared to an impressive $2.03 trillion on CoinGecko. Moreover, its control over the alternative cryptocurrencies (alts) has increased to 52.7%, recovering some ground following a dip in influence over the past week.
ETH on the Rise
In recent times, Ethereum has taken a back seat compared to other notable gainers like XRP, DOGE, BNB, and TRX. However, the second-largest cryptocurrency is regaining its momentum and has climbed above $3,900 following a 5.5% daily increase.
Besides DOGE, SHIB, BCH, DOT, SUI, and CRO, other significant altcoins experiencing price increases are worth noting. On the flip side, today’s declines have affected BNB, TRX, AVAX, XLM, HBAR, and TON. Interestingly, even XRP, which was expected to potentially benefit from Trump’s pick for the next SEC chair, has also dropped.
Despite this, the overall cryptocurrency market capitalization reached an unprecedented level surpassing $3.850 trillion, according to CoinGecko (CG).
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2024-12-05 12:52