Cryptocurrency markets have been drawing attention with the striking increases in recent days. The total market value has reached a new peak, exceeding $2.6 trillion. While Bitcoin (BTC) and many altcoins have risen to historic levels this week, the eyes of the crypto world have turned to the markets again. In particular, there has been a noticeable increase in altcoins such as altcoin Ethereum (ETH) and PEPE. Here are the details of the developments in the markets.
Bitcoin at a new peak: Slowed down
After the fluctuations experienced at the beginning of the week, Bitcoin showed a sharp increase 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 around $75,000. Bitcoin, which has pleased its investors by gaining 4% in value in the last week, has reached a market value of over $1.480 trillion. However, Bitcoin’s dominance rate in the market has decreased to 56.2%; this shows that altcoins are back in the forefront.
At the beginning of the week, BTC prices experienced a sharp decline due to uncertainty about the US presidential elections and fell to $67,000. Following this decline, BTC entered a rapid recovery process and started to rise again with the announcement of the election results. Analysts state that the early election results announced on Wednesday in particular increased investor confidence and BTC broke records.
Ethereum and altcoin projects are reviving
Bitcoin’s rise has also accelerated altcoins. After its stagnant performance in recent days, Ethereum (ETH) gained 8% and rose above $2,800, reaching its highest level in the last three months. While investors welcomed this move by Ethereum, an upward momentum was observed in other major cryptocurrencies. Major altcoins such as XRP, ADA, LINK and AVAX also made significant gains. However, Dogecoin (DOGE) fell by 4%, contrary to the general 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 have made high gains.
With this movement in the altcoin markets, the total market value has also exceeded the $ 2.6 trillion level, reaching a multi-month peak. It is stated that there has been a capital inflow of $ 50 billion into the market in the last 24 hours. This development has led to the re-emergence of cryptocurrencies and increased investor interest. According to analysts, this upward trend in the market is supported by the elimination of election uncertainty in the US and positive developments in the cryptocurrency ecosystem.
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