Bitcoin’s Price Jumps, and Other Digital Coins Follow
On Monday, the price of Bitcoin went down for a little while. But this drop didn’t last long.
The price of Bitcoin (BTC), a popular digital currency, suddenly shot up by about $10,000. It reached a high of $94,000 today.
Other digital currencies, known as altcoins (meaning alternative coins to Bitcoin), did even better. Because of these price jumps, the total value of all cryptocurrencies went up by about $200 billion this week.
What Happened to Bitcoin’s Price?
Last week, Bitcoin’s price went above $90,000. This was a big deal because its price had been much lower in the middle of November (under $81,000).
On Monday, the price fell hard. In the world of trading, people who think prices will go down are called “bears.” These sellers caused the price to drop to almost $84,000. This was a big drop of about $8,000 in just a few hours.
After that big drop, things changed. Buyers, also known as “bulls,” started buying again. This pushed the price back up. Bitcoin first climbed to $86,000. Then, it shot past $90,000 and went all the way to $94,000 on Wednesday morning.
This price of $94,000 is the highest Bitcoin has been since November 17th. Right now, its price is a little over $93,000, which is a 7.5% increase in the last 24 hours.
Because the price went up, Bitcoin’s total value, called its market capitalization, is now $1.860 trillion. Bitcoin is still the biggest cryptocurrency and holds 57.4% of all the money invested in digital currencies. This is called its dominance.
Other Coins Are Gaining, Too
When Bitcoin’s price makes a big move, other digital currencies (altcoins) usually follow. That’s exactly what happened in the last 24 hours.
- Ethereum (ETH) went up by 9.5% to over $3,000.
- XRP went up by 8.5% to just under $2.20.
Many other coins saw even bigger gains, with their prices increasing by double-digits (more than 10%). These include:
The biggest winner of the day was SUI, which had a huge 28% price jump, reaching $1.73.
What This Means for the Whole Crypto Market
With all these price increases, the total value of all cryptocurrencies combined has grown by over $200 billion in just one day. The total value now stands at $3.240 trillion.