Bitcoin and Ripple Lead the Market as Total Cryptocurrency Market Cap approaches $3 trillion
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Answer Bitcoin and Ripple Lead the Market as Total Cryptocurrency Market Cap approaches $3 trillion
The cryptocurrency market started the second week of November with an upward movement of around $100 billion.
As the crypto market has generally seen gains across all cryptocurrencies, Bitcoin and Ripple have performed exceptionally well over the past few days.
Bitcoin’s market cap reached $1.25 trillion on Monday, its highest level in more than two weeks.
On the other hand, XRP outperformed other altcoins in the last 24 hours as the price of the cryptocurrency reached $1.28, bringing the market cap to more than $60 billion.
As traders have noticed Bitcoin staying in the above 60K range for the past 10 days, there appears to be a shift in sentiment and a tendency to be more optimistic, as many have grown impatient with the recession.Read:More crypto adoption: 100 Bitcoin ATMs installed in Spain this year
The shift from negative sentiment indicates a greater chance of Bitcoin price appreciation, the platform tells Sewage.
Overall, both Bitcoin and Ripple have added nearly $100 billion to the total cryptocurrency market cap in the last 24 hours.
Additionally, Bitcoin’s dominance in the cryptocurrency market has skyrocketed since yesterday.
As for Ripple, its dominance increased by more than 2% of the total cryptocurrency market capitalization, its highest level in three weeks.
Bitcoin and Ripple Looking to Highs:
Bitcoin is now looking to reach an all-time high of over $67,000.
A move around +2% will push the cryptocurrency to a new record high.
While Ripple is still far from its record level of $3.5, the digital currency has gained a lot of momentum in the past few days.
In terms of weekly price gains, bitcoin is up 10% in the past seven days.
During the same period, XRP rose by almost 20% and added $10 billion to its market capitalization.
All of this contributed to the increase in the total market value of more than 2.86 trillion dollars, bringing it little by little to about 3 trillion dollars.Read:Rich Russians are selling their cryptocurrency in the United Arab Emirates
In addition to the recent record price movements, Bitcoin’s mining revenue has also increased in the past few weeks.
Currently, miners average between 900 and 1,000 bitcoins per day.
Despite this drop in bitcoin-denominated income, mining revenue in dollars has gone up 550% since 2020, with the mining reward halving, but that didn’t stop it from hitting an all-time high of $62 million per day.
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