By Michael Scott
Bitcoin leads the crypto back into the green, reclaiming $91,000 today.
Bitcoin overcame the brief pullback below $90K to register a four grand gain in the past day to rally past $91,000. Most altcoins registered more impressive daily rallies with XRP, Mantra (MANTRA), Cardano (ADA), Algorand (ALGO), Hedera (HBAR), Internet Computer (ICP), and Near Protocol (NEAR) joining PEPE into the double-digit gains.
Bitcoin Cross Above $91K
The premier crypto asset registered a big week as it leaped from $78,649.59 on Monday to chart a fresh all-time-high (ATH) at $93,477.11 per CoinGecko data. Some market observers had called for a temporary cool-off after the massive rally in readiness for a rebound toward $100K by the end of the year.
The daily chart shows that Bitcoin plunged below $90,000 on Friday, with bears pushing its price to under $87,000. The correction was temporary as BTC bounced off to challenge the $90,000 by the close of the day. Bitcoin regained on Saturday morning to surge even further to hover around $$91,500.
The on-chain information illustrates that the crypto assets bull run is yet to cool off. Notably, the decline in BTC reserves observable on trading platforms and increased stablecoin to the exchanges suggests further breakout in the coming weeks.
Today’s rally past $91,000 saw Bitcoin’s market cap retest $1.81 trillion, surpassing the global crypto market at $3.17 trillion. As such, Bitcoin’s dominance is 57% over the altcoins.
Altcoins Double-Digit Response
Altcoins are producing larger gains from the positive investor sentiment witnessed since the Donald Trump re-election in the US. The Mantra (MANTRA) leads with a 34% uptrend to $2.19, trailed by Flare (FLR) at 28%, XRP’s 27%, ALGO’s 25%, and ADA’s 24% per CoinMarketCap data.
Cardano’s native token is among the top performers, with intraday gains exceeding 20%. The latest announcements by Cardano’s founder Charles Hoskinson on potential developments, thereby pushing weekly gains by 75% for ADA to change hands at 0.7689 for the first time since March.
Ripple’s XRP is another larger-cap altcoin joining Cardano’s ADA in the double-digit rally. The XRP uptrend seems driven by speculations about Gary Gensler’s exit from the Securities and Exchange Commission (SEC) chair.
The rumors gained traction of Gensler resigning before the January 20 inauguration of Trump. The news is regarded as bullish by the XRP community, given the ongoing four-year legal tussle lodged by the Gensler-led SEC against the token.
The crypto community speculates the individual replacing Gensler could be a pro-crypto. At the very least, they expect the incoming chair will not make it worse for the crypto industry than the incumbent administration. The XRP has been up 88% in the past week, which has elevated the market cap closer to $60 billion. The daily chart shows XRP surpassed the $1 threshold for the first time in 2024.
Altcoins Mirror Bitcoin Surge
A glance at the trading activity shows XRP’s daily volume is up 27.49% to $16.66 billion, while ADA’s rose by 64.56% to $5.11 billion per CoinMarketCap data. The increased activity of altcoins occurred as Bitcoin’s daily trading volume dipped 23.32% to $65.10 billion, suggesting a shift in retail investment towards altcoins.
PEPE leads other memecoins with a 99.73% surge in the week, lifting the market cap to $9.1 billion. The upward trajectory is evident in BONK’s 85.97%, BRETT’s 90%, and Dogecoin’s 79% in their seven-day run per CoinMarketCap.
Beyond meme coins, other altcoins among the double-digit gainers in the week are ALGO by 56% to $1.67 billion, Hedera (HBAR) at 75%, Internet Computer (ICP) by 13% to $4.43 billion and 38% to $7.7 billion.
Solana joins XRP and ADA to realize 9.3% in the week to $102 billion ahead of Toncoin (TON) at 8% to $14.5 billion. Nonetheless, Tron (TRX) has gained 27% to $17.64 billion market value, signaling continuity in the current bull run.