Bitcoin has once again entered a price discovery mode, refreshing its all-time highs every day, with the latest price slightly below $108,000 a few hours ago.
Many altcoins have also followed Bitcoin's lead, including XRP, XLM, and CRO. In the case of Ripple, the asset's market capitalization has once again surpassed USDT.
BTC continues to rise
Just a week ago, this major cryptocurrency was struggling to maintain its upward momentum, with the price pulling back multiple times to $94,400. However, the bulls successfully held this support level and initiated a rebound, pushing the price to $98,000 on Thursday and breaking above $100,000 on Friday.
Since then, Bitcoin's trading price has mainly remained in the six-figure range. On Monday, Bitcoin broke through $106,000, refreshing the historical high of $103,800 set in early December.
After a brief pullback in the afternoon, Bitcoin launched a new round of increases in the evening, especially during the Asian trading session on Tuesday morning, where the price surged to $107,800, setting a new all-time high.
Despite the subsequent pullback, Bitcoin remains above $107,000. Its market capitalization has soared to over $2.1 trillion, and its market dominance on CoinGecko is nearing 54%, further solidifying control over altcoins.
Bitcoin Price Chart December 17, 2024.
XRP is on the rise
Yesterday, the biggest news in the cryptocurrency industry came from Ripple, which announced that its stablecoin has been approved and will officially launch on December 17. This news propelled XRP's rapid rise from earlier lows below $2.37 to multi-day highs near $2.6. Additionally, XRP has once again surpassed USDT, reclaiming the third position in market capitalization.
Large-cap altcoins like XLM and CRO also performed well, rising 9% and 7% respectively. ETH broke back above $4,000 after a slight increase, with similar gains to SOL, BNB, ADA, and AVAX.
In contrast, TON and LINK have pulled back about 4% respectively.
The total cryptocurrency market capitalization increased by $90 billion in a day, reaching a peak of nearly $3.95 trillion.
Cryptocurrency Market Overview.
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