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Bitcoin is in a price discovery mode once again as it continues to chart fresh all-time highs daily, with the latest coming hours ago at just under $108,000.
Many altcoins have followed suit, including XRP, XLM, and CRO. In Ripple’s case, the asset managed to overcome USDT in terms of market cap once again.
BTC Keeps Pumping
It was just a week ago when the primary cryptocurrency struggled to maintain its momentum and was pushed south hard on a couple of occasions to $94,400. However, the bulls managed to defend that level and initiated a leg-up that drove the asset to $98,000 on Thursday and beyond $100,000 on Friday.
Since then, BTC has predominantly traded within six-digit territory. Moreover, it broke its early December all-time high of $103,800 on Monday by surging past $106,000.
After a brief retracement in the afternoon, the cryptocurrency went on the offensive in the evening, and especially during the Tuesday morning Asian trading session, when it exploded to $107.800 to chart its latest peak.
Despite losing some ground since then, BTC is still above $107,000. Its market cap has skyrocketed to well above $2.1 trillion, and its dominance over the alts has risen to almost 54% on CG.
Bitcoin/Price/Chart 17.12.2024. Source: TradingViewXRP on the Rise
Perhaps the biggest news in the cryptocurrency industry yesterday came from Ripple as the company said its stablecoin has been approved and is ready to be deployed today – December 17. This sent the other native token – XRP – soaring immediately, as it pumped from under $2.37 to a multi-day peak of almost $2.6 earlier today. Additionally, XRP has reclaimed the third spot in terms of market cap by surpassing USDT.
XLM and CRO are the other notable gainers from the larger-cap alts, surging by 9% and 7%, respectively. ETH is above $4,000 once again after a minor daily increase, similar to those of SOL, BNB, ADA, and AVAX.
In contrast, TON and LINK have retraced by around 4% each.
The total crypto market cap has gained another $90 billion in a day and is at a peak of its own of nearly $3.950 trillion.
Cryptocurrency Market Overview. Source: QuantifyCryptoBinance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
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Cryptocurrency charts by TradingView.
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