Author: As bitcoin jumped to a fresh all-time high of nearly $36,000 earlier today, most alternative coins have followed suit. Consequently, the total market cap has reached another ATH and has neared $1 trillion, while BTC’s dominance eyes 70% once again.
Exploding Alts Lead To ATH In The Market Cap
Just a few days ago, the cryptocurrency market plummeted in value with massive double-digit price drops from most alternative coins. However, the situation has changed completely 48 hours later.
Ethereum has led the charge with an impressive 10% price increase in a day. Although ETH is unable to reach its YTD high of $1,170, the second-largest cryptocurrency still trades around $1,100.
Bitcoin Cash (7%), Chainlink (8%), Polkadot (6%), and Binance Coin (5%) are also in the green.
Litecoin has added about 7% of value and has surpassed again XRP as the fourth-largest cryptocurrency by market cap. In contrast, Ripple’s native token has failed to take advantage of this market-wide rally as the company was sued once again.
Cardano is the most significant gainer from the top ten with a remarkable 20% surge. As a result, ADA trades at $0.27 – the highest level since mid-2018.
Stellar’s performance is even more impressive. As reported yesterday, the Foundation signed a Memorandum with the Ukrainian government to develop a CBDC. XLM has exploded in value since then and has added another 55% in the past 24 hours to $0.251.
Further gains are evident from SushiSwap (20%), Maker (20%), FTX Token (20%), Matic Network (17%), Uniswap (16%), HedgeTrade (16%), Status (15%), IOTA (15%), MadeSafeToken (15%), and more.
Ultimately, the cumulative market capitalization has expanded to $970 billion. This means a $170 billion increase since the dip on Monday.
BTC’s Latest All-Time High Above $35K
The primary cryptocurrency also went through a massive price drop that resulted in a low beneath $28,000. However, bitcoin quickly recovered the losses and surged back above $30,000 on the same day.
In the past 24 hours, BTC initiated another leg up that resulted in breaking above $35,000 for the first time (on Bitstamp). The cryptocurrency didn’t stop there and continued upwards to a new all-time high of about $35,900.
Despite retracing slightly to about $34,600, BTC’s dominance over the market has increased to 69.5% after declining to 68% on Monday.
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.