Cryptocurrency markets attract attention with the dramatic increases in recent days. The total market capitalization reached a new peak, reaching over $2.6 trillion. While Bitcoin (BTC) and many altcoins rose to historical levels this week, all eyes in the crypto world turned to the markets again. In particular, there was a noticeable increase in altcoins such as Ethereum (ETH) and PEPE. Here are the details of the developments in the markets.
Bitcoin is at a new peak: It slowed down
After the fluctuations at the beginning of the week, Bitcoin showed a sharp rise as of Wednesday and broke a new all-time record by exceeding $ 76,500 on the Bitstamp exchange. However, BTC could not hold on to this level and is currently trading at approximately $75,000. The market value of Bitcoin, which has pleased its investors by gaining 4% in value in the last week, has exceeded 1,480 trillion dollars. However, Bitcoin’s dominance in the market decreased to 56.2%; This shows that altcoins are coming to the fore again.
At the beginning of the week, due to the uncertainty about the presidential elections in the USA, BTC prices experienced a sharp decline and fell to $ 67,000. Following this decline, with the announcement of the election results, BTC entered a rapid recovery period and started to rise again. Analysts state that the early election results, especially announced on Wednesday, increased investor confidence and BTC renewed its record.
Ethereum and altcoin projects are coming to life
The rise of Bitcoin has also accelerated altcoins. Ethereum (ETH), after its stagnant performance in recent days, gained 8% in value and reached the highest level in the last three months, rising above $ 2,800. While investors welcomed this move of Ethereum positively, an upward momentum was also observed in other major cryptocurrencies. Large-cap altcoins such as XRP, ADA, LINK, and AVAX also made significant gains. However, Dogecoin (DOGE) fell by 4%, contrary to the overall rise in the market. This week, ENA (32%), RAY (30%), NEIRO (22%), LDO (20%), AAVE (15.5%) and PEPE (11.5%) stand out among the altcoins that provided high rates of gain.
With this activity in the crypto markets, the total market value exceeded the level of 2.6 trillion dollars, reaching a multi-month peak. It is stated that there has been a capital inflow of 50 billion dollars into the market in the last 24 hours. This development led to the re-emergence of cryptocurrencies and increased interest from investors. According to analysts, this upward trend in the market is supported by the disappearance of election uncertainty in the USA and positive developments in the cryptocurrency ecosystem.
