Bittime – The crypto is excited again! Bitcoin (BTC), which continued its gradual rise over the weekend and early this week, finally reached a new record high of around $73,000.
This achievement sparked optimism in the crypto market, and ultimately dragged a number of altcoins to also experience an increase.
One of them is XRP , Ripple's native token, which previously lagged behind surges in prices of other crypto assets.
Bitcoin Prints Highest Record
A week ago, Bitcoin exploded and almost touched its all-time high of $69,000 set in 2021.
The record was finally broken on Tuesday last week, although it was followed by a sharp correction that led to the liquidation of assets worth more than $1 billion.
However, the selling pressure was dampened by bullish investors who again pushed Bitcoin up to the $69,000 level on Friday.
The bull run continued into the weekend, with Bitcoin managing to break the $70,000 mark for the first time.
Despite experiencing a brief correction, Bitcoin remained stable at around $69,000 over the weekend.
The positive trend continued again on Monday, with Bitcoin surging to a new record high of $73,000. Currently, Bitcoin is trading above $71,000.
With a market capitalization exceeding $1.4 trillion, Bitcoin now ranks as the 8th largest financial asset in the world. Its dominance of altcoins reaches almost 50% according to CoinGecko.
Check Today's Crypto Market:
XRP, AVAX, TON Also Skyrocket
Ethereum (ETH), BNB, and Solana (SOL) have indeed shown impressive performance in recent weeks. However, Ripple's native token, XRP, is actually lagging behind this upward trend.
The situation changed yesterday, where XRP jumped double digits and hit a multi-month peak above $0.75. Despite experiencing a slight decline, XRP is currently still trading around $0.7 after a daily increase of 12%.
Apart from XRP, other altcoins such as Avalanche (AVAX) and Toncoin (TON) also experienced price spikes. AVAX is up 10% and approaching the $50 mark, while TON stole the show with a fantastic 27% rise that pushed its price above $3.5.
The overall total crypto market capitalization saw an increase of $20 billion in the last 24 hours, and now stands at $2.830 trillion according to CoinGecko.
Also Read: Arbitrum (ARB) and Polygon (MATIC) Lead after Ethereum's Dencun Upgrade
XRP, AVAX and TON Price Analysis in the Last 24 Hours
Below is an analysis of the prices of XRP, AVAX , and TON in the last 24 hours. This analysis is based on charts of each crypto token originating from Bittime.
The chart is taken by setting 3 indicators, namely RSI , MACD , and Bolinger Bands . This indicator is commonly used in general to carry out digital financial price analysis.
1. XRP Price Today
Source: Bittime
XRP is at IDR 10,659 from a price decline of -2.36%. The graph above was obtained from the last 4 hours of data, which means that, within 24 hours, XRP experienced rapid price changes up and down.
2. AVAX Price Today
Source: Bittime
Currently, AVAX is colored “green”. It is recorded that in the last 24 hours, AVAX has experienced a price increase of +4.65% so that it now has a price of IDR 878,588. This price is actually quite low compared to the highest record in the last 24 hours, namely IDR 928,456.
3. Today's TON Price
Source: Bittime
TON is indeed experiencing a decline in the last 24 hours in the graph above. The decrease obtained was -1.77% so it now has a price of IDR 66,508.
However, there is no need to worry about this price drop because crypto prices fluctuate and change very quickly. You just need to make observations in real time to find out the most updated crypto price changes .
Also Read: Avalanche (AVAX) Soars, Driven by Expansion of Board of Directors and Investor Interest
Common Factors for Altcoins Experiencing Price Increases
Altcoins, or crypto assets other than Bitcoin, often experience significant price fluctuations. There are several general factors that can influence altcoin price increases:
1. General Market Sentiment
General market sentiment towards cryptocurrencies can influence altcoin prices. When the overall market is in a bullish trend, where many crypto assets experience price increases, altcoins also tend to follow the trend. Conversely, negative sentiment in the market can put pressure on altcoin prices.
2. News and Announcements
News or announcements about altcoin projects, such as new product launches, strategic partnerships, or integrations with well-known platforms, can trigger price increases. Positive announcements often generate renewed interest from investors and traders, which can push prices up.
3. Adoption and Use
The level of adoption and use of an altcoin in a particular application or platform can also influence the price. The more users who use an altcoin for a specific purpose, the greater the demand for the token, which can drive the price up.
Also Read How to Buy Crypto:
4. Increased Trading Volume
An increase in altcoin trading volume is often an indicator of a potential price increase. High trading volume indicates strong interest from investors and traders, which can result in price increases due to increased demand.
5. Technological Development and Innovation
New developments in technology or innovations from altcoin projects can trigger price increases. New features, security improvements, or more efficient solutions are often welcomed by the market, which can increase interest and demand for altcoins.
6. Industry and Regulatory Trends
Industry or regulatory trends that support widespread cryptocurrency adoption can also influence altcoin prices. For example, positive decisions from regulators or adoption of blockchain by large companies can increase market confidence and result in price increases.
7. Speculation and FOMO
Sometimes, altcoin price increases are driven by speculation and fear of missing out (FOMO) from investors and traders. When altcoin prices start to rise, people are often worried about missing the opportunity and buying in, which could trigger further price spikes.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Avalanche (AVAX) Surges, Driven by Expansion of Board of Directors and Investor Interest
Manta Network (MANTA) Staking Instructions: Contribution to a Secure and Sustainable Network
Bitcoin Price Prediction: Heading for a New Target or a Liquidity Crisis?
DISCLAIMER : This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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