After a brief hiatus below $90,000 and even $87,000, bitcoin is back on track by gaining more than four grand in the past day and surging past $91,000.
Many altcoins have produced even more impressive daily surges, led by double-digit gains from the likes of XRP, ADA, PEPE, SUI, ICP, XLM, and many others.
BTC Above $91K
The primary cryptocurrency had another big week as it skyrocketed from $80,000 on Monday to nearly $94,000 on Wednesday to chart a fresh peak. After this massive rally, it was somewhat expected that it will cool off and retrace.
This happened on Friday as the asset fell below $90,000, and the bears kept pushing it to under $$87,000. However, it bounced off almost immediately and challenged the $90,000 level by the end of the day. It managed to reclaim it on Saturday morning and surged even further to over $91,000 where it currently stands as well.
At the same time, on-chain information shows that the asset’s bull run is far from over, at least according to the growing stablecoin going to exchanges and the declining BTC reserves on trading platforms.
With its increase past $91,000, bitcoin’s market cap has reclaimed the $1.8 trillion line. Its dominance over the alts also stands tall at just over 57% on CG.
Bitcoin/Price/Chart 16.11.2024, Source: TradingView Double-Digit Alts
The more volatile by nature altcoins have produced bigger gains over the past days. Their rally is led by XRP and ADA, both of which have soared by more than 20% in the past day. Here’s the potential reason behind ADA’s massive increase.
Other double-digit price gainers include PEPE, NEAR, ICP, XLM, BONK, HBAR, KAS, WIF, MANTRA, and many others.
In contrast, the larger-cap alts like ETH, BNB, DOGE, and TON have increased by up to 3%. SOL has surged by 5%, while TRX is up by 6%.
The total crypto market cap has skyrocketed by over $100 billion and is up to $3.160 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto
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