The cryptocurrency market is once again demonstrating explosive growth, and it seems we are in another bull cycle. Bitcoin continues to set historical highs — today its price nearly reached the $80,000 mark. Altcoins are also pleasing investors, showing double-digit percentage growth over the past day.
Bitcoin at its peak
Following Donald Trump's recent victory in the 2024 US presidential election, Bitcoin literally soared. Initially, its price rose from $67,000 to $75,000 amid news of Trump's victory, and since then it has been steadily increasing. On Thursday, amid a decrease in the Fed's interest rate, #BTC reached $77,000. On Sunday, it settled just below $80,000, and the current price of around $79,500 allows its market capitalization to exceed $1.57 trillion. Despite the strong growth of altcoins, Bitcoin's dominance in the market remains at 55%.
Altcoins: the beginning of a new 'altseason'?
Although altcoins initially lagged behind Bitcoin, the last few days have shown their impressive growth. Among the major coins, the leaders have been Cardano (ADA) and SUI, both of which surged more than 30% in a day. The growth of ADA is linked to the project's founder Charles Hoskinson and possible changes in US policy under the new administration.
#Dogecoin reached a multi-year high of $0.23, doubling its price over the last month. Ethereum is also steadily growing and trading around $3,200, showing a 30% increase over the week. Other popular cryptocurrencies have joined, such as $SHIB (+17% for the day), BCH, $DOT T, CRO, $APT and many others.
The total market capitalization of the crypto market increased by $130 billion over the last day and now stands at over $2.85 trillion.
