9 January 2021
Crypto buy calls drove a major milestone achievement for all cryptocurrency investors worldwide as the global cryptocurrency market cap has surged past $1 trillion. In a massive crypto market rally, the overall cryptocurrency market has surged 7.5% today to hit this new milestone.
The crypto market performance over the last week has been nothing less than stunning and mind-blowing! With less than $575 billion on December 7, 2020, the overall cryptocurrency market added another $425 billion surging 78% in just 30 days.
The Bitcoin price rally comes on the backdrop of a massive bull run in the Bitcoin (BTC) price during this period. Although BTC remains the ultimate show-stealer in this game, the altcoins have also made their contribution to the crypto space.
As per on-chain analysis platform Santiment, the recent crypto rally comes on the backdrop of massive buy orders placed by crypto investors at the exchanges.
Bitcoin (BTC) Hits A New All-Time High Above $37,700
Bitcoin as always has been leading the crypto market rally hitting a new all-time high above $37,700 earlier today. The Bitcoin (BTC) price has surged more than 30% just in the first six days of 2020.
Bitcoin looks to be currently eyeing an imminent target of $40,000 with the Relative Strength Index (RSI) levels supporting the bullish narrative. Also, data provided by Santiment shows that the unique addresses holding 1000+ BTC have reached an all-time high.
It clearly means that the BTC whales are growing in number which is a bullish indicator for the cryptocurrency.
Over the last few weeks, there has been heavy BTC accumulation on Coinbase with exchange outflows hitting new highs. Most of these exchange outflows are driven by institutions that are putting their BTC into cold storage. It means that the Bitcoin supply crunch in intensifying further.
Looking at the phenomenal growth of Bitcoin, the BTC price has literally doubled since December 1, 2020. Thanks to institutions who have been heavily purchases at every rise as well as a dip in the BTC price.
While the BTC price hits a new all-time high today, its dominance hasn’t extended much beyond 68%. Thanks to altcoins who are majorly participating in the current market rally.
Altcoins Join the Party as Market Rallies Adding $100 Billion In One-Week
Just at the time when Bitcoin (BTC) shows no signs of cooling down, altcoins have also joined the party led by Ethereum (ETH). Ethereum (ETH) continues to make bold moves above $1200 levels and is now only 15% from its all-time high.
We are just into the seventh day in 2021 and ETH’s year-to-date as well as weekly returns stand at a massive 64%. The ETH price comes on the backdrop of the strongly growing fundamentals of the Ethereum network. As Santiment reports, Ethereum has recently registered rising address activity and network growth.
Many market analysts and veteran investors say that ETH is currently at the exact same position when Bitcoin (BTC) was at $15K ahead of the bull run. Meaning, there’s a massive rally waiting ahead in ETH.
As per data from Skew analytics, the ETH Futures aggregated open interest has jumped 75% since the start of 2021.
Also, Google searches for Ethereum (ETH) have hit an all-time high.
Apart from Ethereum (ETH), several other altcoins have an exciting start to 2020.
- Cryptocurrencies like Polkadot (DOT) have registered strong moves advancing above Bitcoin Cash (BCH). The DOT price is up by 36% over the last week and is currently at $9.85 with a market cap of $9.1 billion.
- Similarly, Litecoin (LTC) has jumped 34% over the last week whereas Cardano (ADA) has surged by a massive 85%.
- Stellar’s XLM has registered the strongest weekly gains of nearly 187.75%. On the other hand, Chainlink (LINK) has made 50% gains over the last week.
- After falling continuously following the SEC lawsuit, XRP price jumps 33% with its weekly gains going above 40%.