As a seasoned analyst with over two decades of experience in the financial markets, I must admit that the current cryptocurrency landscape reminds me of the dot-com boom of the late 90s. The sheer pace at which Bitcoin and other digital assets are surging is breathtaking, to say the least.
Currently, Bitcoin is experiencing another phase of determining its value, as it consistently sets new record prices each day, with the most recent peak occurring just a short while ago at approximately $108,000.
Several alternative cryptocurrencies, such as Ripple (XRP), Stellar Lumens (XLM), and Crypto.com Coin (CRO), have also adopted a similar pattern. In the case of Ripple, its asset regained its position as the coin with the second-largest market capitalization, surpassing Tether (USDT) once more.
BTC Keeps Pumping
Last week, I found myself in a rollercoaster ride as Bitcoin, my primary crypto investment, battled to sustain its advance and took a plunge to around $94,400 on more than one occasion. But the bulls stood firm at that level and ignited a surge that propelled the asset to $98,000 by Thursday and beyond the $100,000 mark on Friday.
Ever since then, I’ve noticed Bitcoin primarily fluctuating within the realm of six-digit figures. Notably, it shattered its previous all-time high from early December ($103,800) by soaring above $106,000 on Monday.
Following a short dip in the afternoon, the cryptocurrency became aggressive in the evening hours and surged significantly during the early hours of Tuesday’s Asian trading session, reaching a new high of $107,800 on the charts.
Regardless of some recent setbacks, Bitcoin currently hovers around the $107,000 mark. Its market value has soared dramatically, surpassing the $2.1 trillion threshold, and its control over alternative cryptocurrencies has increased to nearly 54% on CoinGecko.
XRP on the Rise
Yesterday, Ripple made headlines in the crypto world when they announced their stablecoin has been approved and is set for release – that’s December 17. This news instantly propelled their native token, XRP, causing it to surge from around $2.37 to nearly $2.6. Remarkably, XRP also retook the third position in market capitalization by overtaking USDT.
Apart from them, XLM and CRO are also experiencing significant gains, rising by approximately 9% and 7%. Interestingly, ETH has regained its position above $4,000, much like the daily increases seen in SOL, BNB, ADA, and AVAX.
In contrast, TON and LINK have retraced by around 4% each.
In just a single day, the overall value of the cryptocurrency market has surged by an additional $90 billion, reaching an all-time high of approximately $3.950 trillion on its own.
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2024-12-17 12:48