The total crypto market cap has surged to a new all-time high of $1.150 trillion as bitcoin topped $38,000 before retracing back below it. Most alternative coins also marked substantial gains, including fresh all-time highs for Ethereum and Polkadot.
After the calm weekend in which BTC retraced to about $32,000, the primary cryptocurrency started to gradually increase its value. This led to yesterday’s break out from the consolidation triangle and an intraday high of approximately $37,000.
Following a subsequent brief retracement to $35,500, the cryptocurrency went on a roll again and added over $3,000 of value and reached north of $38,500. Nevertheless, the cryptocurrency has retraced since then and currently sits at about $37,500.
As CryptoPotato recently reported, this weekly price increase came as custody wallets belonging to institutional investors withdrew about $500 million worth of BTC from Coinbase on Monday.
The technical indicators suggest that bitcoin has a few more obstacles in its way toward $40,000. Those are the resistance lines at $38,620 and $38,900.
The alternative coins have been quite impressive in the past few days, and the situation has only intensified in the past 24 hours. Just a day after breaking above $1,600 for a new record, Ethereum went a step further and reached a new ATH at $1,700 before correcting to $1,600 again.
Polkadot followed ETH’s example with a massive 24-hour surge of over 20%. As a result, DOT exploded above $21 for a new record.
Ripple (1%) and Binance Coin (3%) are also in the green, while Chainlink, Bitcoin Cash, and Cardano have retraced slightly.
The most impressive gainer in the past 24 hours is UMA, with a massive surge of 115%. Moreover, the token is up by 220% in the past seven days, and it trades at $33.
Dogecoin follows with a 70% surge after yet another tweet from Tesla’s Elon Musk.
Aave (37%), SwissBorg (32%), Nexo (28%), Compound (16%), 0x (15%), and Avalanche (15%) are next.
Ultimately, the cumulative market capitalization of all cryptocurrencies has marked a new all-time high just north of $1.150 trillion. The previous record came in early January at $1.110t, according to CoinMarketCap.
