Crypto Markets Add $200B Daily as Bitcoin Soars Past $100K: Recovery Market Watch
2024-12-12
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After a few days of price losses, bitcoin has finally gone on a tear and soared past $100,000 and even tapped $102,000 for the first time since Friday.
The altcoins are also well in the green, with massive double-digit price gains from the likes of AAVE, HYPE, SUI, LINK, BEAM, and many others.BTC Jumps to $102K
The primary cryptocurrency tried to conquer the six-digit entry mark during the weekend but was stopped on a couple of occasions. The subsequentrejectionsextended into the start of the business week, with two consecutive price drops to $94,400 on Monday and Tuesday.
However, that line managed to provide thenecessary support, and BTC bounced off. In fact, it went on the offensive hard and jumped by almost eight grand on Wednesday as it skyrocketed to $102,000. It tapped that level twice in the span of a few hours but ultimately failed to overcome it and now sits just below $101,000.
Nevertheless, this is the longest the cryptocurrency has been able to trade within six-digit territory, even though it has failed to chart a new all-time high.
Its market capitalization has neared the $2 trillion level, while its dominance over the altcoins has declined slightly to 52.3%.Alts on the Rise
The alternative coins suffered badly during the market correction at the start of the week, but many have recovered mindblowing gains in the past 24 hours.
The double-digit price surge club is represented by AAVE (32%), HYPE (29%), SUI (26%), LINK (23%), BEAM (21%), UNI (19%), ENA (17%), APT (17%), and many others.
The larger-cap alts are also in the green, albeit in a more modest fashion. ETH is up by 5.5%, XRP by 1.7%, BNB by 4.2%, and DOGE by 3%, while ADA and TRX have joined the aforementioned club with gains of 12.5% and 10%, respectively.
The cumulative market capitalization has shot up by over $200 billion since yesterday and is above $3.8 trillion.