The total market capitalization of the cryptocurrency industry reached $3.67 trillion on Thursday, up 2.34% in a single day.
Bitcoin finally broke the $100,000 mark after Trump officially nominated Paul Atkins to replace Gary Gensler as Chairman of the U.S. Securities and Exchange Commission (SEC).
In the derivatives market, 167,262 traders were liquidated throughout the day, with 52% coming from long positions, and the liquidation amount reached $564 million.
Altcoin market dynamics: Dogecoin, Bitcoin Cash, and Litecoin performed well, with BTC's rally driving optimism in the Proof of Work (PoW) sector.
On December 4, Bitcoin broke the psychological barrier of $100,000, with investors responding positively to the news of Trump's nomination of Paul Atkins as SEC commissioner, viewing him as crypto-friendly and possibly replacing Gary Gensler. This news drove Bitcoin's rise and significantly impacted the altcoin market.
Despite pullbacks in cryptocurrencies like Ripple (XRP), Avalanche (AVAX), and Tron (TRX), Bitcoin, Litecoin, and Bitcoin Cash, which operate under the proof-of-work mechanism, showed strong performances with double-digit increases.
Bitcoin and Litecoin are rising.
After Bitcoin's price broke $100,000, Litecoin (LTC) also rose by 12%. As an alternative payment network launched in 2014, Litecoin has been favored for its efficiency.
Bitcoin Cash sets a new high.
Bitcoin Cash (BCH) also performed well, rising 11% on the day and breaking the $615 high since July 2024, setting a new five-month record.
Dogecoin leads other meme coins.
Dogecoin (DOGE) opened flat this week but quickly rebounded, rising 7% to $0.45.
Compared to Shiba Inu (SHIB) and PEPE, Dogecoin performed stronger, demonstrating the positive impact of Bitcoin's historic rise on the PoW sector.
Daily Chart: BTC breaks $100,000, altcoins are expected to see larger gains.
Bitcoin has recently become the focus of global media, finally breaking through $104,100 on Thursday after weeks of volatility below $100,000, setting a new historical high.
However, from the overall market perspective, altcoins seem to offer greater profit potential.
To support this point, the chart below shows the performance of the top 50 altcoins against Bitcoin over the past 90 days.
Typically, when 75% of the top 50 altcoins outperform Bitcoin, it signifies the start of 'altcoin season.'
From the chart's perspective, as of December 5, 86% of the top 50 altcoins outperformed Bitcoin over the past 90 days.
This indicates that while Bitcoin dominates mainstream media headlines, most crypto investors are actually buying altcoins.
In the current market environment, for every 1% increase in Bitcoin, altcoin prices can rise even more significantly.
This also explains why cryptocurrencies like Ripple (XRP), Solana (SOL), and SUI have all recently broken historical highs.
