Bitcoin continues its relentless rise, nearing $38,000 for a new all-time high, while the entire cryptocurrency market reaches a historic $1 trillion market cap, fueled by double-digit gains in large-cap altcoins.
Bitcoin’s Latest ATH Nears $38K
Bitcoin has firmly established itself as the market leader, entering the new year with a bang. After briefly dipping below $28,000 to fill a CME gap, BTC swiftly regained momentum and has continued to break record after record. Over the past 24 hours, Bitcoin pushed higher, reaching an impressive new all-time high just shy of $38,000 at $37,800. Despite a slight retracement, Bitcoin remains firmly above $37,000.
$1T Market Cap As Alts Explode
For the first time in history, the total market capitalization of all cryptocurrencies surpassed $1 trillion. This monumental milestone was reached as altcoins joined the rally, recording impressive gains. Ethereum jumped 7%, reaching $1,120, while Binance Coin climbed 6% to $44. Other altcoins such as Polkadot (+2% to $10), Litecoin (+3.5% to $168), and Bitcoin Cash (+5.5% to $450) also posted significant gains.
However, the most remarkable performances came from lesser-known coins. Stellar (XLM) surged 60% in just 24 hours, reaching $0.36, fueled by a strategic partnership with the Ukrainian government to develop a central bank digital currency (CBDC). Ripple (XRP) gained 30%, hitting $0.30, and Cardano (ADA) rose 21% to $0.34, surpassing Bitcoin Cash in market cap. Chainlink (LINK) also saw a solid 16% increase, reaching nearly $17.
More impressive gains were recorded by Matic Network (23%), Kyber Network (23%), Decentraland (23%), and several others, further contributing to the overall bullish market sentiment. As a result, Bitcoin’s dominance dropped to 68.3% from a high of 69.5%, signaling a shift toward greater altcoin performance.
