Crypto Markets Add $100 Billion as Bitcoin (BTC) Soared to 18-Day Peak (Market Watch)
2025-01-07
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Bitcoin’s price remained below $100,000 for nearly three weeks, but the asset shot into six-digit territory yesterday and tapped a yearly peak of over $102,500.
The altcoins are also in the green today, with DOGE nearing $0.4 and XRP at $2.45.BTC Jumped Past $102K
The last two Mondays were massively different in terms of BTC price actions. On December 30, the cryptocurrencyplungedfrom $94,000 to a monthly low of $91,300. However, it recovered a lot of ground in the following days, especially since the start of the new year.
It managed tochallenge$100,000 on a couple of occasions since January 4 but ultimately failed and was pushed south by a few grand. However, that changed yesterday as the bulls took complete control of the market and initiated an impressive leg-up that resulted in BTCbreaking past$100,000 for the first time since December 19.
The asset kept climbing in the early Tuesday morning Asian hours and jumped to an 18-day peak of $102,700 (on Bitstamp) amid the massive BTC ETF inflows. However, it failed to maintain its run and has retraced by about $1,000 since then.
Nevertheless, bitcoin is more than 2.5% up on the day, and its market cap has soared to over $2 trillion once again. Its dominance over the alts has also increased to 53.8% on CG.ADA Rises 5%
Most alternative coins have charted gains over the past day. XRP, DOGE, and TRX have added similar percentages as BTC and now trade close to $2.45, $0.395, and $0.27, respectively.
Cardano’s native token has jumped by 5% and now sits at around $1.13 amid predictions about future price rallies. HBAR has added almost 7% of value and trades well above $0.3.
The cumulative market capitalization of all crypto assets has added approximately $100 billion in a day. The metric is up to $3.750 trillion after bottoming beneath $3.4 trillion last week.