Crypto market hits $3.5trn, altcoins shine in bull run
The global cryptocurrency market value has reached $3.5 trillion, with some altcoins performing well during a bullish rally.The market's current worth is $3.51 trillion, up around $358 billion.
Notably, Dogecoin and Cardano emerged as top performers this week, with both experiencing strong gain as the overall market surpassed the $3.5 trillion milestone.
While Bitcoin has yet to surpass the $100,000 mark, it has gotten close, momentarily touching $99,000, with traders keen to break through this psychological barrier. The increasing momentum in Bitcoin prices has bolstered altcoins, causing them to outperform.
This week, Dogecoin increased by 27%, keeping its position as a top-performing altcoin. The meme currency reached a yearly high of $0.48 before declining to $0.4287. Dogecoin has increased by 210% in the last month, with 24-hour trade volumes totaling $26 billion. Analysts anticipate continued rise, with some predicting a price goal of $1.25 by 2025.
However, technical indications suggest that the recent gain may come to an end, as the Relative Strength Index indicates that the asset is currently overbought.
Cardano also experienced significant increase, reaching $1 for the first time since April 2022. This week, the altcoin rose 43.7% to $1.08, while daily trading volume increased by 86% to $8.1 billion. Increased whale activity has spurred the spike, with Cardano's net inflow increasing by more than 220% in recent days.
Analysts predict cryptocurrencies to follow Bitcoin's upward trajectory. Bitcoin is presently trading at $98,197, down 0.4% in the last 24 hours, but analysts believe it will soon break the $100,000 milestone, accelerating market growth.
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