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Market Watch: Ripple (XRP) Surges 30% as Bitcoin Neared $38K

Another day and another all-time high of bitcoin – this time, the cryptocurrency came just inches away from $38,000. The entire market also broke down a significant milestone by reaching $1T following impressive double-digit gains from Ripple, Chainlink, Cardano, Stellar, and more.

Bitcoin’s Latest ATH Nears $38K

It’s safe to say that BTC entered the new year with a bang. Apart from a brief slide beneath $28,000 in which the cryptocurrency filled a gap left opened on CME, bitcoin has been on a roll, tearing down record after record.

In the past 24 hours, the asset continued upwards and broke into uncharted territory once more. After enduring high volatility that drove it below $34,000, BTC initiated an impressive leg up that resulted in the latest all-time high – above $37,800.

Despite retracing slightly since then, bitcoin still trades north of $37,000.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Data from Santiment indicated that BTC’s surge to new highs had changed people’s opinion who are now “pumping the buy narrative,” while just yesterday, the number of “sell calls” dominated the social circles.

Crypto Crowds Buy Vs. Sell Sentiment. Source: Santiment
Crypto Crowds Buy Vs. Sell Sentiment. Source: Santiment

$1T Market Cap As Alts Explode

CryptoPotato reported yesterday yet another massive milestone reached by all cryptocurrency assets – the market capitalization breaking above $1 trillion for the first time.

This became possible as multiple altcoins mimicked BTC’s impressive performance as of late with notable gains. On a 24-hour scale, Ethereum has jumped by 7% to $1,120, Binance Coin (6%) to $44, Polkadot (2%) to $10, Litecoin (3.5%) to $168, and Bitcoin Cash (5.5%) to $450.

However, there’re even more remarkable gainers from the top ten, including the newest entrée – XLM.

Stellar has doubled-down on its recent bull run. XLM has surged by 60% since yesterday and 190% in a week to $0.36. This comes as the Foundation partnered with the Ukrainian government to develop a CBDC.

Ripple has surged by 30% to $0.30. Cardano’s 21% increase to $0.34 has helped ADA to overtake BCH in terms of market cap. Chainlink has added 16% and trades near $17.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More gains are evident from Matic Network (23%), Kyber Network (23%), Decentraland (23%), NEM (22%), Siacoin (22%), Augur (20%), Qtum (17%), and more.

The rising altcoins have reduced BTC’s dominance to 68.3% from yesterday’s high at 69.5%.

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