The Crypto Market Has Started to Heat Up! Recent Situations Make the Market Optimistic

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 Bitcoin continued to add value gradually and recorded a new monthly high at the price level of over $17,500. Most altcoins are also trading in the green led by a 4% rise in cryptocurrency Ripple.


The start of the year looked quite favorable for the major cryptocurrency as it traded around $16,500 on January 1 and then approached $17,000 by the end of the first week. Despite being weighed down by negative sentiment, it hasn't stopped the cryptocurrency from surging higher this week.


BTC price so far has not fallen since reclaiming the $17,000 level. Instead, it traded several hundred dollars above it in the next few days before it surged higher in the past 24 hours.


This resulted in a rally to the $17,500 trading level for the first time since December 16 before retreating to the $17,429.80 trading level. Despite retracing the $17,500 level, its market capitalization exceeds $335 billion.



Bitcoin's dominance over altcoins is up to 39.2%. That means it's up 0.2% since then but down almost 1% in the last week or so.


With this, altcoins are seen to attract more market attention since the beginning of the year, as evidenced by the dwindling dominance of BTC. Solana and Cardano were at the forefront of the latest gains, both surging to multi-month highs.


Most altcoins are now calmer, with small daily increases. Ethereum is above $1,300, although there are some suggestions that ETH could drop soon before the Shanghai update.


Binance Coin, Dogecoin, Polygon, OKB and Litecoin have increased up to 2% in a day. Ripple has added the most value in the last 24 hours. XRP has jumped by about 5% and is close to $0.37. Overall, however, the crypto market cap remains stable at over $850 billion.

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