A $ 25 billion gain to the crypto market capitalization, with Bitcoin reaching a new annual high, while most altcoins followed with massive price increases.
Bitcoin marked another annual high and was inches away from reaching $ 17,000. Most altcoins joined the party with some impressive double-digit price increases. Even large-capped altcoins like Ripple, Litecoin and Polkadot have increased enormously.
Bitcoin at almost $ 17,000
After Bitcoin’s remarkable month and a half, it almost felt like it was only a matter of time before the asset reached a new annual record. The last one came on Friday and the BTC calmed down afterwards.
The situation quickly changed yesterday, perhaps with the news that Moderna Therapeutics has developed a COVID-19 vaccine, which is successful in more than 94% of test cases.
The development of the Bitcoin price was not a pump and dump like the last time, when Pfizer announced similar news. This time, the primary cryptocurrency gradually rose to its new highest price since January 2018.
The BTC was traded below $ 16,000 before, where its climb started. Moving forward a few hours, Bitcoin was already knocking on the $ 16,900 door (on Bitstamp). This level has become the new record for 2020.
Bitcoin is now trading for $ 16,955. On a 24-hour scale, this represents a 3% price increase.
Unlike most previous price jumps initiated by Bitcoin, altcoins this time followed suit. In fact, most of them have even outperformed BTC.
The three most impressive winners in the top ten, Ripple, Litecoin and Polkadot, increased by around 8%. As a result, XRP is at $ 0.30, LTC is at $ 75, while DOT is close to $ 5.
Ethereum (2.5%), Bitcoin Cash (1.5%), Binance Coin (3%) and Cardano (6%) also increased.
Even more impressive price performances are evident in DeFi tokens, as has often been the case. HedgeTrade is the most notable winner with a 20% increase. Curve DAO Token continues with an increase of 16%.
Yearn.Finance (15%), Reserve Rights (12.5%), Aave (11.5%), SushiSwap (11%) and NXM are next.
Overall, total market capitalization gained $ 25 billion from yesterday’s low and $ 37 billion in a week. The cumulative market capitalization of all cryptocurrency assets displays $ 475 billion.