Total Crypto Market Cap Hits 2023 High
The total market capitalization of the cryptocurrency market has increased by 4% in the past 24 hours, reaching a high of $1.79 trillion on CoinGecko. This is the highest level since May 2022.
Altcoins Drive the Momentum
Unlike recent weeks, it is not Bitcoin that is driving the market’s momentum, but rather the altcoins. Many altcoins have seen double-digit gains today.
Ethereum Makes a Big Move
After months of stagnation, Ethereum has finally made a significant move. It has jumped 7% in a day and is challenging the $2,400 level for the first time since May 2022. Analysts believe that if Ethereum can reclaim $2,274 as support, it could see a further 22% expansion.
Other Altcoins on Fire
Binance Coin (BNB) has fully recovered from its regulatory-induced crash and has surpassed $300 for the first time since June. Cardano (ADA) has also seen an 8.4% surge, while Chainlink (LINK) has surged 17% to reach its highest level since April 2022.
Double-Digit Movers
Several cryptocurrencies have experienced double-digit gains today, including Bitcoin Cash (BCH), Internet Computer (ICP), Optimism (OP), Lido DAO (LDO), Arbitrum (ARB), and Aave (AAVE). The biggest mover in the top 100 cryptocurrencies is BSV, which has surged 63%. However, Solana (SOL), Avalanche (AVAX), and Polygon (MATIC) have retreated slightly after recent rallies.
Hot Take: Altcoins Lead the Way as Crypto Market Hits New High
The cryptocurrency market has reached its highest level in almost 20 months, driven by the strong performance of altcoins. Ethereum, in particular, has made a significant move and is challenging key resistance levels. Other altcoins like Binance Coin, Cardano, and Chainlink have also seen impressive gains. While Bitcoin remains stagnant, the altcoin market is showing signs of strength and potential for further growth. This altcoin-driven rally highlights the diversity and opportunities within the cryptocurrency market. It will be interesting to see if this trend continues and if altcoins can continue to outperform Bitcoin in the coming weeks.
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