The cryptocurrency market has seen a strong upward wave in the last hour. Bitcoin (BTC) broke a new all-time high of $116,586.84 minutes ago.
BTC rose by 2.43% in the last hour, 5.04% in the last 24 hours, and 6.13% in the last 7 days. Its market capitalization exceeded $2.31 trillion.
The market as a whole is also experiencing notable increases. Here are the highlights:
- Ethereum (ETH): 5.94% in the last hour to $2,989. It has been a long time since the $3,000 level was reached. Its 7-day performance has exceeded 15%.
- XRP: Trading at $2.54, up 1.95%. Weekly gain: 12.28%.
- Solana (SOL): It rose 2.13% in the last hour to $163.84.
- Dogecoin (DOGE): Up 2.46% to $0.1918; weekly gain exceeds 11%.
- Cardano (ADA): Up 2.24% to $0.6720; 7-day performance is 11.92%.
- Sui (SUI): It rose 13.52% in the last 24 hours to $3.46.
- Stellar (XLM): Stands out with its strong 24% weekly rise.
With the renewed investor interest, daily trading volumes are also seeing significant increases. Bitcoin's 24-hour trading volume alone has surpassed $89 billion, while Ethereum's has surpassed $29 billion.
This volatility, influenced by a number of factors including macroeconomic developments, ETF approval expectations, and institutional buying, is being interpreted as a sign of a new bull season in the crypto market. Analysts note that volatility is likely to increase, particularly as Bitcoin approaches the psychological resistance of $120,000.
The expectation of an interest rate cut from the FED is also among the catalysts for the rise.
*This is not investment advice.
