The capitalization of the cryptocurrency market on April 5 for the first time in history exceeded $ 2 trillion against the backdrop of the growth of alternative cryptocurrencies. Amid bitcoin stagnation, the BTC dominance index fell to a seven-month low.
The long-awaited altcoin season, or at least a shortened version of it, has arrived on the cryptocurrency market. Several assets in this category showed outstanding performance in the thin market on Easter Monday on Monday, ttrcoin writes.
The main driver of the market’s growth was Ethereum, which on April 3 renewed its high above $ 2,140 after the Visa payment system announced the launch of an ETH-based service for transactions with USDC stablecoins.
Once in the top 3 of the market, Binance Coin (BNB) continues to establish itself in new positions. The cryptocurrency exchange’s own token, Binance, recently hit a new all-time high of about $ 378, and its capitalization exceeded $ 57 billion for the first time. Growth for the week is 39%.
BNB was launched by Binance as part of an ICO in 2017, but only unleashed its potential this year. Back in late January, BNB could be bought for less than $ 40. Since then, the price of the token has grown by almost 10 times.
In the top ten cryptocurrencies, XRP shows the highest growth, which jumped 35% over the course of a day. The token reached a three-year high above $ 0.84. Growth is not hampered by the ongoing litigation by the US Securities and Exchange Commission (SEC) with XRP issuer Ripple.
The latter is accused of illegally selling more than $ 1.3 billion in securities. XRP is now trading even higher than before the SEC filed a claim in December.
“At the end of 2017, the rally was driven mainly by non-professional investors, while now the main contribution was made by large capital, which is not inclined to thoughtless impulsive decisions, which only strengthens the belief in the possibility of continuing growth from the current price highs, which just a few months ago seemed simply unrealistic, ”says the FxPro analyst team.
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