Bitcoin Price Rises Again as Ether and Most Altcoins Trail Along With Small Profits: All Details
Bitcoin, the world’s first cryptocurrency, has started the year 2021 with a bang. In the past 24 hours, the price of the major cryptocurrency has increased by over 5%, breaking a few psychological levels.
Meanwhile, other altcoins such as Ethereum (ETH) and Ripple (XRP) have also seen some upward trends but with slight profits. Let’s take a closer look at the recent movements in the crypto asset space.
Bitcoin’s bull run
The price of BTC has rallied close to $35,000, The increase in the value of Bitcoin has been led by news that the US government won’t have additional stimulus in the near future and Visa Inc.’s announcement that it has plans to use digital assets.
The massive surge has seen Bitcoin’s market cap increase close to $651 billion, while its dominance in the market has risen to a new all-time high of 63.25%. This means that Bitcoin’s market cap is now larger than the total market capitalization of all the other top 10 cryptocurrencies put together.
Ethereum and most altcoins remain behind Bitcoin
Ether, the most valued altcoin, is stuck at the $1,000 mark and is yet to hit its all-time high of close to $1,450 recorded in early 2021. Although ETH has seen its market cap significantly increase from around $112 billion yesterday to $145 billion today, it hasn’t been able to keep up with Bitcoin’s impressive performance.
Most altcoins have followed Ether’s trajectory and have seen speeds of gains of between 1-2%.
Cardano (ADA) and Dogecoin (DOG) have both seen slight increases in the current bull run, while Litecoin (LTC) has remained relatively flat and is currently trading slightly above its yesterday’s closing price.
The combination of Visa Inc.’s involvement and the US government’s decision has acted as a catalyst for the current surge in the price of Bitcoin.
While Ether and other altcoins have seen some minor gains, the current bull run is clearly led by Bitcoin and its dominance in the market is growing. It remains to be seen how other top altcoins will react in the coming days. Bitcoin prices continued to show strength on Monday, rising more than three percent and setting a new yearly high of $7,450. While bitcoin led the market, other cryptocurrencies lagged behind, with most altcoins showing only small gains.
Ether, the second-biggest cryptocurrency, saw just a one percent high-end increase on Monday, rising to around $187. Ethereum, of course, is still down significantly from its January high of over $1,300.
Most of the other coins in the top ten by market cap, such as Ripple, Bitcoin Cash, and EOS, also saw only small price bumps. Ripple rose just 0.7 percent, Bitcoin Cash surged one percent, and EOS was the biggest gainer with a 1.5 percent jump in value.
It’s worth noting that the top three coins, bitcoin, ether, and ripple, all continued to show significant gains on the month. Bitcoin, for instance, is up over 40 percent in the past month, while both ether and ripple have added about 25 percent since the beginning of August.
What’s driving these gains? Analysts agree that renewed interest from both institutional and retail investors is part of the reason. As crypto exchanges become increasingly compliant with regulatory frameworks, larger investors are beginning to see crypto assets as safe, reliable investments.
Additionally, a growing number of business and investment firms are partnering with established crypto platforms. This is opening up an entirely new universe of opportunities, and investors are taking notice.
It will be interesting to see if these positive momentum continues in the days ahead. Bitcoin has already jumped over 15 percent in September, and if the trend continues, September could end up being the best month for cryptocurrency since late 2017. Either way, it looks like the future of crypto is bright.