The cryptocurrency market put on a phenomenal performance on Tuesday, March 17, as Bitcoin (BTC) managed to hit a record high of $76,000. However, the price level was not able to last long and is currently trading at $73,000. The surge marked the highest price level since early February, reflecting investor confidence recovering after the geopolitical uncertainty in the Middle East last week.
While Bitcoin faced resistance at the peak and suffered a correction to $74,000, the asset’s market dominance still struggles below 57%. This has given altcoins room to post bigger gains, with Ethereum (ETH) holding firm above $2,300 while XRP surged to $1.60 before stabilizing at $1.50.
The most notable performances of the session came from small and mid-cap altcoins. Zcash (ZEC) and M each recorded a 16% surge, indirectly placing their prices at $270 and $1.72 respectively. AI-based tokens such as FET and other assets such as SIREN and HASH also recorded double-digit growth.
XRP has officially overtaken BNB in market cap, driven by strong buying momentum since the start of the trading week. Meanwhile, the HYPE token managed to reclaim the $40 level, indicating a recovery in sentiment among risk asset traders.
Despite the general market bullish momentum, Pi Network (PI) recorded a negative performance with a 10% drop in value. Overall, the global crypto market cap now stands at over $2.6 trillion, a significant increase in 24 hours reflecting the influx of new capital into the digital ecosystem.
