Over the weekend, Bitcoin experienced a gradual increase, leading to a positive start on Monday and ultimately reaching a fresh all-time high of nearly $73,000. This surge in Bitcoin’s price also had positive effects on several altcoins, including XRP, which had been lagging behind in terms of gains but managed to soar to a multi-month peak of over $0.75.
Just a week ago, Bitcoin skyrocketed by several thousand dollars and approached its 2021 all-time high of $69,000. The record set over two years ago seemed inevitable to fall, and indeed, it did last Tuesday. However, a violent rejection followed, pushing BTC price down by almost ten thousand dollars and causing over $1 billion in liquidations. Despite this setback, the bulls quickly intercepted the downward trend and drove Bitcoin north again, bringing the asset close to the $69,000 level by Friday.
Later on Friday, the bulls initiated another leg-up that saw Bitcoin breaking above $70,000 for the first time ever. Although there was another rejection shortly after, it was short-lived, and Bitcoin remained relatively stable at around $69,000 over the weekend. More gains followed on Monday as the primary cryptocurrency surged by a few thousand dollars, reaching almost $73,000 to set a new all-time high.
While Bitcoin was making headlines with its new all-time high, several altcoins were also gaining momentum. Ethereum (ETH), Binance Coin (BNB), and Solana (SOL) had been posting impressive gains over the past few weeks. However, Ripple’s native token, XRP, was trailing behind until yesterday when it saw a double-digit surge and tapped a multi-month peak of over $0.75. Despite a slight pullback, XRP is still trading around $0.7 after a 12% daily increase.
Apart from XRP, other altcoins also showed significant gains. Avalanche (AVAX) surged by 10% and is now approaching $50, while TON stole the spotlight with a massive 27% increase, pushing its price above $3.5. The total crypto market cap also saw a boost, adding another $20 billion on a 24-hour scale to reach $2.830 trillion on CoinGecko.
Despite some minor price corrections, Bitcoin is still trading well above $71,000 with a market cap exceeding $1.4 trillion, making it the 8th largest financial asset globally. Its dominance over other altcoins stands at close to 50% on CoinGecko, indicating its significant influence on the overall cryptocurrency market.