The cryptocurrency market is picking up again today.
After briefly dropping below $90,000 and even $87,000, Bitcoin is back on track, gaining more than $4,000 in the past day and topping $91,000.
Many altcoins saw more impressive daily gains, with XRP, ADA, PEPE, SUI, ICP, XLM, and others all posting double-digit gains.
BTC exceeds $91,000
The primary cryptocurrency had another stellar week, surging from $80,000 on Monday to a new high of nearly $94,000 on Wednesday. After this massive run-up, it was somewhat expected that it would cool down and retrace.
On Friday, the asset fell below $90,000, while bears kept pushing it down to below $87,000. However, it bounced back almost immediately and challenged the $90,000 level by the end of the day. On Saturday morning, it managed to recover the lost ground and surged further to above $91,000 where it currently stands.
Meanwhile, on-chain information shows that the asset’s bull run is far from over, at least based on the growth in the number of stablecoins entering exchanges and the decrease in BTC reserves on trading platforms.
With Bitcoin’s price surpassing $91,000, its market cap has returned to the $1.8 trillion mark. Its dominance over other cryptocurrencies on CG is also as high as over 57%.
Bitcoin/Price/Chart November 16, 2024, Source: TradingView
Two-digit replacement value
Volatile altcoins have seen the biggest gains over the past few days. XRP and ADA led the gains, with both surging more than 20% over the past day. Here are the potential reasons for ADA’s sharp rise.
Other stocks that saw double-digit price increases include PEPE, NEAR, ICP, XLM, BONK, HBAR, KAS, WIF, MANTRA, and more.
In contrast, altcoins with larger market caps such as ETH, BNB, DOGE, and TON rose by as much as 3%. SOL surged 5%, while TRX rose 6%.
The total cryptocurrency market capitalization has surged by more than $100 billion, reaching $3.160 trillion on CG.
Cryptocurrency market overview. Source: QuantifyCrypto
