The market is experiencing a well-synchronized market rally. With most of the big coins adding more than 5% in the past 24 hours, the total market cap is $ 1.6 trillion. It all seems to have been inspired by Bitcoin, which has found stability above $ 50,000.
BTCUSD chart from TradingView
Since breaking this crucial level, the asset has hit a new all-time high of just over $ 52,000. To keep up with the world’s largest digital asset, the rest of the market has seen a late pump.
Altcoin’s market cap over $ 600 billion
Altcoins market valuation via TradingView
Bitcoin has a market dominance of 61.2% and makes up a large part of the total market capitalization. But as much as that is the case, it hasn’t stopped altcoins from unfolding their power. With most jumping into pricing and making new highs with each win, Altcoins market valuation hits an all-time high. At the time of writing, that market cap is $ 615 billion.
During the 3-year bear market that had just ended, it was the case of Bitcoin versus Altcoins. The rise of one meant the fall of the other. If there was any doubt that this was a bull market, this is again illustrated by the fact that Bitcoin and Altcoins are now rebounding at the same time. Granted, Bitcoin is still leading and setting the trend, while Altcoins are following. But unlike when money moved between altcoins and bitcoin, enough new funds are now pouring into both to see how they merge.
Coins approaching crucial levels
A number of altcoins are approaching key levels. Ethereum, the largest altcoin, is one of them as it is set to hit $ 2,000 on the current move. At the time of going to press, the altcoin is up around 8% and is just above $ 1,900. Bulls aim to hit $ 3,000 in the current bull cycle. Exceeding USD 2,000 will trigger FOMO and depress the coin all the way.
Cardano was also closely watched. The digital asset got off to a strong start to the year and its price has more than doubled in recent weeks. The bulls are aiming for a new all-time high above $ 1. Cardano is currently up 12%, trading at $ 0.93.
XRP, which has just gained 8% in the past 24 hours to surpass $ 0.55, is also being closely watched. Although most of the top 10 coins have outperformed their 2017 performances, XRP remains 85% below its all-time high. As a result, it has so far dropped from 3rd place to 7th place in the crypto rankings.
Ripple’s recent involvement with the SEC has been blamed for the lack of performance. As we reported, both parties excluded the possibility of reaching an agreement before the trial. How this fall ends will largely affect XRP prices. In the meantime, the bulls are trying to keep up with the rest of the market and break the $ 0.76 high for the year.
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The views expressed in the article are solely those of the author and neither correspond to those of ZyCrypto nor should they be attributed to them. This article is not intended as financial advice. Please do your own research before investing in any of the various cryptocurrencies available.