Bitcoin reached a new record today at around $76,500 but has since cooled slightly, now trading near $75,000. While Bitcoin showed strength early this week, altcoins like Ethereum, PEPE, and AAVE have seen even more significant gains, taking center stage in the crypto market rally.
Bitcoin’s Rapid Rise and Slight Retrace
This week has been pivotal for cryptocurrency markets. Bitcoin initially dropped to $67,000 on Monday as investors anticipated the U.S. presidential election results. But as early results came in Tuesday night and Wednesday morning, Bitcoin began an aggressive climb, soaring from $67,000 to a new all-time high of $76,500, topping March’s peak of $73,737. Though it has since cooled to around $75,000, Bitcoin remains up 4% this week, maintaining a strong $1.48 trillion market cap. Meanwhile, Bitcoin’s market dominance dropped to 56.2% as altcoins surged.
Ethereum Surges to $2,800, Leading Altcoin Gains
Ethereum, relatively quiet in recent days, surged by 8% to exceed $2,800—a three-month high. Other large-cap altcoins like XRP, ADA, LINK, and AVAX also saw gains, though DOGE dipped slightly. Smaller altcoins posted double-digit increases, with ENA up 32%, RAY at 30%, and AAVE climbing 15.5%.
Total Crypto Market Cap Nears $2.65 Trillion
This altcoin rally boosted the total cryptocurrency market cap by $50 billion overnight, reaching a multi-month high of nearly $2.65 trillion. As Bitcoin holds steady and altcoins continue to rise, market sentiment remains bullish across the board.
