Earlier this week, Bitcoin (BTC) broke records by pushing above $107K. Despite some initial resistance by the bears, the bulls have added another $1,000 to its price during the early hours of this Tuesday.
The Bitcoin market capitalization is now $2.1T, while the overall crypto market cap stands at a massive $3.9T.
Bitcoin Pushing Momentum
Bitcoin’s momentum also pushed the coin’s dominance to nearly 52% relative to the rest of the market.
This price surge comes shortly after MicroStrategy bought 15,350 BTC for around $1.5B, expanding its total holdings to 439,000 BTC.
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Moreover, the crypto market has also noticed how Ripple’s XRP has been making waves. This comes as Ripple Labs announced that its stablecoin, RLUSD, had received approval and would launch on December 17. Many market observants pointed out that RLUSD can act as a catalyst for XRP, driving its price to new heights.
Data from CoinGecko shows that shortly after RLUSD’s launch, XRP went upward from $2.37 to a multi-day high of $2.60, a 9.1% surge over the last 24 hours, putting its market capitalization in the third spot, surpassing Tether (USDT).
Other large-cap altcoins have also seen notable gains, with Stellar (XLM) and Crypto.com’s CRO token leading the way. XLM rose by 9%, while CRO followed with a 7% increase.
Ether (ETH) has once again crossed the $4,000 mark, but its gains are more modest compared to Solana (SOL). Similarly, Solana’s total value locked (TVL) remains above $9B despite a noticeable slowdown in decentralized exchanges (DEXs) on the network.
The broader cryptocurrency market has also benefited from the positive sentiment, adding approximately $90 billion in value over the past 24 hours. The total market capitalization has now reached a new peak of nearly $3.95 trillion. The continued price gains across both Bitcoin and major altcoins indicate strong investor confidence and growing momentum within the crypto market.