These Alts Surge by Double Digits as Bitcoin (BTC) Calms After New All-Time High (Market Watch)

Bitcoin shot up to yet another all-time high of around $76,500 earlier today but has lost some traction and now hovers at approximately $75,000.

The altcoins have taken the main stage today, as Ethereum jumped by 8% and exceeded $2,800 for the first time in months, while PEPE and AAVE have tapped double-digit increases.

BTC Cools Off

It’s only Thursday, but this week has already become historical for the cryptocurrency markets. Bitcoin retraced hard on Monday, dropping to under $67,000 in anticipation of the US presidential elections. This meant that the asset had lost over five grand within less than a week.

However, as the early results for the elections started to pop up on Tuesday evening and especially on Wednesday morning, the cryptocurrency went on a wild run and shot up from $67,000 to over $75,000. Thus, it broke its March all-time high of $73,737 and charted a new one.

It calmed during the day but went on the offensive once again in the past 12 hours and jumped to as high as $76,500 (on Bitstamp) to mark a fresh peak. It has lost some traction since then, currently sitting at around $75,000, but it is still 4% up weekly.

Its market cap stands above $1.480 trillion, while its dominance over the alts has taken a hit and is down to 56.2%.

Bitcoin/Price/Chart 7.11.2024. Source: TradingView

ETH Awakens

Ethereum was among the most modest performers yesterday but has finally awakened with an 8% surge. This means that the second-largest crypto has risen to a three-month peak of its own at over $2,800. XRP, ADA, LINK, and AVAX are the other notable gainers from the larger-cap alts, while DOGE has retraced by almost 4%.

More substantial price increases come from the likes of ENA (32%), RAY (30%), NEIRO (22%), LDO (20%), AAVE (15.5%), and PEPE (11.5%).

The total crypto market cap has added another $50 billion overnight and sits at a multi-month peak of its own at almost $2.650 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto