Hassan Maishera
TL;DR
-
BTC has set a new all-time high at $89,604 per coin.
-
Dogecoin has outperformed other major cryptocurrencies, adding 46% to its value in 24 hours.
BTC Targets $90k
The cryptocurrency market has continued its parabolic run this week, with Bitcoin setting another all-time high. The leading cryptocurrency by market cap added 10% to its value over the last 24 hours and hit a new all-time high price of $89,604 per coin.
With this rally, Bitcoin has added $20k to its value over the last ten days as investors continue to be bullish following Donald Trump’s win.
Market analysts believe that Bitcoin’s price could soar in the medium to long term. Ruslan Lienkha, chief of markets at YouHodler, told Cryptowisser in an email that there is room for further growth.
“Several long-term growth factors support BTC, including the recent halving, equity market growth in the U.S., and active crypto ETFs. The recent elections have further stimulated and accelerated BTC's upward momentum, raising expectations about upcoming changes in U.S. crypto regulations. We anticipate a continued rise, albeit with some technical corrections and elevated volatility, possibly until the New Year.
Beyond that, BTC's trajectory will largely depend on the U.S. economic situation and equity market performance, with a potential U.S. recession as the primary risk factor that could impact all markets,” he added.
While Bitcoin continues to rally, Ether is still lagging despite crossing the $3k mark. Ether is trading above $3,300 per coin, but Lienkha pointed out that it could do better. He said,
“While ETH shares some of the same growth drivers, its performance has lagged behind BTC and shows weaker gains than in previous cycles. ETH remains considerably below its 2021 ATH, reflecting a gradual decoupling from BTC. Historically, altcoins have shown delayed responses to BTC movements, but this cycle could differ, despite ETH having strong potential to reduce the gap with BTC.”
DOGE Leads the Rally
While Bitcoin grabs the headlines, DOGE has outperformed other major cryptocurrencies in the last 24 hours. DOGE added 46% to its value during that period, making it the best performer amongst the top 10 cryptocurrencies by market cap.
Thanks to its rally, DOGE now trades at $0.406, with a market cap of just under $60 billion. According to Lienkha,
“Regarding Dogecoin, its recent performance appears primarily speculative, driven by its association with Elon Musk, rather than any underlying fundamentals, as it still lacks substantial real-world use cases. However, a potential utility could develop in the future.”
Finally, the total cryptocurrency market cap hit the $3 trillion mark for the first time since November 2021.
