The total crypto market cap has surged to a new all-time high of $1.150 trillion as bitcoin topped $38,000 before retracing back below it. Most alternative coins also marked substantial gains, including fresh all-time highs for Ethereum and Polkadot.
Bitcoin Touched $38K
After the calm weekend in which BTC retraced to about $32,000, the primary cryptocurrency started to gradually increase its value. This led to yesterday’s break out from the consolidation triangle and an intraday high of approximately $37,000.
Following a subsequent brief retracement to $35,500, the cryptocurrency went on a roll again and added over $3,000 of value and reached north of $38,500. Nevertheless, the cryptocurrency has retraced since then and currently sits at about $37,500.
As CryptoPotato recently reported, this weekly price increase came as custody wallets belonging to institutional investors withdrew about $500 million worth of BTC from Coinbase on Monday.
The technical indicators suggest that bitcoin has a few more obstacles in its way toward $40,000. Those are the resistance lines at $38,620 and $38,900.
Crypto Market Cap Accompanies ETH And DOT For ATHs
The alternative coins have been quite impressive in the past few days, and the situation has only intensified in the past 24 hours. Just a day after breaking above $1,600 for a new record, Ethereum went a step further and reached a new ATH at $1,700 before correcting to $1,600 again.
Polkadot followed ETH’s example with a massive 24-hour surge of over 20%. As a result, DOT exploded above $21 for a new record.
Ripple (1%) and Binance Coin (3%) are also in the green, while Chainlink, Bitcoin Cash, and Cardano have retraced slightly.
The most impressive gainer in the past 24 hours is UMA, with a massive surge of 115%. Moreover, the token is up by 220% in the past seven days, and it trades at $33.
Dogecoin follows with a 70% surge after yet another tweet from Tesla’s Elon Musk.
Aave (37%), SwissBorg (32%), Nexo (28%), Compound (16%), 0x (15%), and Avalanche (15%) are next.
Ultimately, the cumulative market capitalization of all cryptocurrencies has marked a new all-time high just north of $1.150 trillion. The previous record came in early January at $1.110t, according to CoinMarketCap.