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Bitcoin Price Eyes $55K as Market Cap Reclaims $2 Trillion (Market Watch)

BTCUSD. Source: TradingView


Following another minor jump, bitcoin has neared $55,000, and its market capitalization has finally reconquered $1 trillion. However, BTC’s dominance has fallen below 50% for the first time in roughly three years as some altcoins have marked more substantial gains. XRP leads the way with a 20% surge to above $1.4.

Bitcoin Eyes $55K

After the market-wide dumps last week, bitcoin finally began a recovery session yesterday. The cryptocurrency added $6,000 of value in a matter of hours, which drove it from a 7-week low at $47,000 to roughly $53,000.

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Following this impressive increase, BTC continued further north in the past 24 hours. As a result, the primary cryptocurrency jumped by almost $2,000 and has neared $55,000.

With its latest pump, bitcoin’s market capitalization has finally spiked back up over $1 trillion. Just for reference, the metric had fallen below $880 billion just a few days ago.

Nevertheless, BTC’s market dominance continues to suffer as most alternative coins have charted more impressive gains. The metric comparing bitcoin’s market cap with all other crypto assets is below 50%, which is the lowest point in nearly three years.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Rise; XRP Takes the Lead

Most alternative coins are well in the green in the past 24 hours. Ethereum, which dipped below $2,300 just a few days ago, has increased by roughly 2.5% since yesterday and is well above $2,500.

Cardano (4%), Polkadot (5.5%), Uniswap (11%), Litecoin (4.5%), Chainlink (4%), and Dogecoin (2%) are also well in the green.

However, Ripple’s price performance has trumped all other large-cap alts. The payment processor’s native digital token has surged by about 20% on a 24-hour scale. As a result, XRP has surged to a weekly high of over $1.4.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further gains come from Waves (47%), Dent (41%), Fantom (29%), IOST (25%), Polygon (22%), Harmony (20%), Siacoin (18%), Kusama (18%), Voyager Token (17%), and Holo (17%).

Consequently, the cumulative market capitalization of all cryptocurrency assets has added another $100 billion since yesterday and is up to $2.060 trillion. The metric was down to $1.750 trillion two days ago.

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