2024-12-17 08:34 |
The cryptocurrency market experienced a bullish rally on December 17, with Bitcoin (BTC) crossing an all-time high of $107,700.
The global crypto market cap increased by 1% to reach $3.72 trillion, while trading volume soared 34% to $211 billion, signaling heightened investor activity.
Bitcoin hits new ATHBitcoin led the rally, gaining 2% over the last 24 hours to trade at $106,256.
The leading cryptocurrency recorded a 24-hour low of $103,320 and a high of $107,777, with its market capitalization reaching $2.11 trillion. BTC’s dominance in the market stood firm at 56.46%.
Institutional interest in Bitcoin remained robust, with Bitcoin ETFs witnessing $218 million in inflows.
Major players like Fidelity, Ark, and 21Shares contributed significantly, fueling optimism.
Meanwhile, Michael Saylor’s proposal for using Bitcoin to address US debt underscored the growing recognition of BTC’s financial potential.
Source: CoinMarketCap
Ethereum and XRP post gainsEthereum (ETH) gained 2% to trade at $4,020, showcasing steady upward momentum with a 24-hour high of $4,108. Its market cap stood at $484 billion, supported by a trading volume of $43 billion.
ETH ETFs saw $20 million in inflows, indicating sustained investor interest.
XRP also climbed 2%, trading at $2.48 with a market cap of $142 billion.
Analysts predict a potential surge to $7, driven by the upcoming launch of the RLUSD stablecoin, which is expected to bolster XRP’s adoption.
Meanwhile, Solana (SOL) faced a 4% decline, trading at $214 after hitting a high of $223.
Despite the short-term drop, long-term prospects remain optimistic, with Messari’s 2025 Crypto Theses Report projecting explosive growth for the Solana ecosystem.
Meme coins under pressureMeme cryptocurrencies faced bearish sentiment, with Dogecoin (DOGE) and Shiba Inu (SHIB) declining by 1% and 2%, respectively.
DOGE traded at $0.40, while SHIB dropped to $0.00002706. Other meme tokens like PEPE and BONK also saw up to 3% losses.
Source: CoinMarketCap
Top gainers and losersBitget Token (BGB) emerged as the top gainer, surging 16% to $3.65 after receiving regulatory approval from El Salvador’s Central Bank.
Cronos (CRO) gained 7%, trading at $0.188, while Virtual Protocol (VIRTUAL) rose 6% to $2.86.
On the downside, Helium (HNT) plummeted 11% to $8.48, followed by GALA, which dropped 10% to $0.045.
Raydium (RAY) also declined 9% to $4.89, reflecting bearish sentiment in the altcoin market.
Bitcoin rose 0.50% in the past hour, and major altcoins like ETH, XRP, and Binance Coin (BNB) posted minor gains, hinting at a potential market recovery.
The mixed performance across assets highlights the evolving dynamics of the cryptocurrency market.
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