The crypto market cap is enjoying new all-time highs every day as bitcoin surges, and altcoins follow. Bitcoin painted a fresh 2021 record, and a majority of the altcoins have joined the party.
As BTC spiked to a fresh all-time high of around $35,850, most of the alternative coins also awakened. In that context, the cumulative market capitalization of the cryptocurrency sector has reached another all-time high and has neared $1 trillion as bitcoin tries to regain 70% market dominance once more.
Exploding Altcoins Play Their Part
Barely a few days ago, the crypto market plunged in value with massive double-digit price drops from a majority of the alternative coins. Nonetheless, that situation has changed significantly within 48 hours.
Ethereum led the charge with an incredible 10% price increase in one day. Even though Ether is yet to reach its YTD high of $1,170 for now, the second-biggest crypto is still trading above $1,100.
Chainlink (8%), Binance Coin (5%), Bitcoin Cash (7%), and Polkadot (6%) are also in the green.
On its part, Litecoin has added around 7% of the value and has surpassed XRP again to become the fourth-largest crypto by market cap. On the contrary, Ripple’s native token has failed to benefit from the market-wide rally as the firm was sued once more.
Among the top ten, Cardano is the most significant gainer with a 20% surge. As a result of that, ADA trades around $0.27 which is its highest level since mid-2018.
Stellar’s performance is more impressive. As reported on January 5, the Foundation signed a Memorandum with the Ukrainian government to create a CBDC. Also, XLM has exploded in value since then and has added an extra 55% in the last 24 hours to reach $0.251.
More gains can be seen in Status (15%), IOTA (15%), MadeSafeToken (15%), SushiSwap (20%), Maker (20%), FTX Token (20%), Uniswap (16%), HedgeTrade (16%), Matic Network (17%), and many others.
In the end, the cumulative market capitalization has grown to above $930 billion and sometimes it reached $970 billion. It means that there is a $130 billion increase since the dip on January 4.
Bitcoin Is Flying
The flagship crypto also experienced a major price drop that pushed it to $27.7K. But, it quickly rebounded and surged back past $30,000 on the same day.
In the last 24 hours, bitcoin initiated a strong leg up that resulted in setting a fresh all-time high above $35,800 on Bitstamp. Despite retracing to around $34,500, bitcoin’s dominance over the market has surged to 69.5% after dropping to 68% on January 4.