- Bitcoin’s price had been stuck in the doldrums between $60K-$63K last week.
- Altcoins are striving to close the gap between them and the leading cryptocurrency.
- Several reasons account for the increase in the value of altcoins in the last 7 days.
Bitcoin has heightened up from the highs of the first US Bitcoin ETF launch amid other positives that saw it rack impressive gains in October. Right now, the charts have upsurged and altcoins are also showing off.
The Altcoin Buzz
Over the last 14 days, Bitcoin has recorded steady upsurges and in the last 24 hours, the asset has soared 5% to hit a new all-time high. During last week, prices hovered between $60K and $64K which stands in stark contrast to the upswings of the previous month. While Bitcoin traded sideways, several altcoins spiked in value, reducing the market share controlled by BTC.
Matthew Dibb, COO of Stack Funds noted that the Bitcoin dominance chart indicates that the market is leaning toward altcoin exposure and he expects the trend to continue in the short term. Bitcoin’s market dominance has fallen from 46% to 42.58% over the week while Ethereum’s share nears 20%.
Leading the surge for the altcoins are Ethereum, Cardano, and Solana that have attained record levels this week. Ethereum’s new record of $4,837 puts the asset’s market capitalization well over half a trillion dollars. Solana on the other hand is not resting on its oars as its recent gains saw it displace Cardano as its market cap reached $74 billion. Cardano has gained over 12% in 24 hours with just a few cents short of clipping a new all-time high.
“Alternative coins to ETH are still in favor,” said Daniel Kukan of Crypto Finance AG. In line with analysts, another ETH killer, Polkadot, has climbed by over 20% in the last week. Polkadot managed this feat against the backdrop of the network’s first parachain auctions gaining approval. It set an all-time high of $55.00 and currently ranks in 8th place with a market cap of $52 billion.
Despite Altcoins’ booming prices, Bitcoin has carried the global cryptocurrency market capitalization to over $3 trillion for the first time ever and if the trend continues, the markets could surpass $5 trillion in no time.
Bitcoin To $100k?
Bitcoin’s prices in recent days have had some analysts scratching their heads. According to Blockware Intelligence, the direction in the immediate term is “not clear” but the asset remains long-term bullish.
The crypto market’s vigor may also be partially whipped up by Facebook’s metaverse announcement. Since the announcement, assets linked to the metaverse have increased in value with Decentraland and Sandbox up by 88% and 132% respectively. Play-to-earn tokens are not left out of the party as they also racked up impressive figures over the week.
Perhaps, the incoming Taproot Upgrade will provide a vast jolt to BTC. Bitcoin set a new all-time high of $68,530 5 hours ago amid predictions that the asset was well on its way to surpassing $100,000 before the end of the year.