Bitcoin(BTC) breaks the $17k mark, Cardano(ADA) and Solana(SOL) show positive movement
On Monday, Bitcoin saw significant growth possibly due to a positive U.S. job report for the month of December, which eased concerns about a potential interest rate hike among investors. As a result, the dollar weakened and equities markets in Europe, Asia, and the U.S. saw strong rallies. The cryptocurrency market followed this positive sentiment, with Bitcoin standing out as one of the top performing tokens.
Bitcoin defies strong resistance
Over the past weekend, Bitcoin (BTC) saw some positive movement. It led to BTC reaching a four-week high of just over $17,250 today.
This mini pump as many are referring to it has taken BTC’s market capitalization to reach a local peak of above $330 billion. However, this positive movement has not been reflected in Bitcoin’s dominance over altcoins, which has decreased to 39.1%. Despite facing rejections at the $17,000 level on Wednesday and Friday, the bulls were eventually able to push the cryptocurrency above this level. In contrast, many altcoins have outperformed BTC in the past 24 hours. It remains to be seen whether or not BTC can maintain its current level or if it will face further rejections in the future.
Prices of SOL and ADA Shoot Up
In the past 24 hours, two larger-cap altcoins, Solana and Cardano, have experienced significant growth. Solana saw a 21% increase, reaching a local high of over $16, while Cardano experienced a 17% increase and reached a two-month high of over $0.34. In addition to these altcoins, Ethereum saw a 4% increase, allowing it to reclaim $1,300 for the first time in several weeks, and Binance Coin increased by 6% and is now above $275. Other altcoins, such as Ripple, Dogecoin, Polygon, OKB, Litecoin, Polkadot, and Shiba Inu, also saw impressive gains. Overall, the cumulative market cap of all cryptocurrency assets has increased by $20 billion in the past day, reaching $850 billion.
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