Bitcoin and XRP Lead $100 Billion Crypto Market Rally

BTC crossed the price level of $66,000 for the first time since 21 October.

The crypto market started the second week of November with a bullish move of approximately $100 billion. While the market saw gains across all digital assets, Bitcoin (BTC) and XRP have performed exceptionally in the last few days.

Bitcoin’s market cap touched $1.25 trillion on Monday, which is its highest level in more than two weeks. In contrast, XRP outperformed other digital currencies in the last 24 hours as the crypto asset reached a market capitalization of $60 billion.

“As traders have watched Bitcoin remain in the low 60k range the past 10 days, there appears to be a shift in optimism, as many become impatient with the stagnancy. A shift toward negative sentiment implies a greater chance of BTC price rises,” Santiment highlighted.

Overall, BTC and XRP have added nearly $80 billion to the total market cap of digital currencies in the last 24 hours. Moreover, Bitcoin’s crypto market dominance has jumped substantially since yesterday. As far as XRP is concerned, the digital asset now accounts for more than 2% of the total market capitalization of cryptocurrencies, which is its highest level in three weeks.

All-Time High for Bitcoin and XRP?

BTC is now eyeing another all-time high of over $67,000. A move of nearly +2% will push the digital asset to a record high. While XRP is still far away from its record price level of $3.50, the digital currency gained significant momentum in the past few days. In terms of weekly price gains, Bitcoin has increased 10% in the last seven days. During the same period, XRP spiked by almost 20% and has added $10 billion to its market cap.

In addition to the recent record price moves, BTC’s mining revenues have increased in the last few weeks. “Bitcoin miners see BTC income halve every four years. In the current epoch, miners avg between 900 and 1,000 BTC per day. Despite this reduction in BTC denominated income, miner revenue in USD is up 550% since the 2020 halving, and is approaching an ATH of $62M+ per day,” Glassnode outlined in its recent report.

Original Source :financemagnates.com

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