The cryptocurrency market experienced a strong rebound, liquidating the price correction that occurred earlier this week. Bitcoin reached its highest price since November 17. Following a brief decline, Bitcoin suffered an explosive surge of nearly $10,000, reaching $94,000 on Wednesday morning.
Bitcoin’s bullish move develops after a week of volatility. By the end of last week, it managed to break the $90,000 level, after being below $81,000 for a large part of November. Although it reached a peak of $93,000 on Friday, it suffered a correction that intensified on Monday, dropping sharply to a low of $84,000 in a couple of hours.
However, the bulls decisively took control, pushing BTC beyond $90,000 to the $94,000 level. Although it failed to maintain the upward trajectory above that level, Bitcoin remains firm above $93,000, registering a 7.5% increase in the last 24 hours.
Altcoins Take Off With Double-Digit Gains
The awaited Bitcoin rally directly impacted the altcoin segment; in fact, it acted as a catalyst for an even more impressive movement, as altcoins historically amplify BTC’s momentum. In the last 24 hours, this narrative has been fully confirmed.
Ethereum (ETH), the second-largest cryptocurrency, soared by more than 9.5%, surpassing the key $3,000 mark and reaching $3,070. XRP also joined the race with an 8.5% rise, briefly crossing $2.20.
But, in the midst of this upward movement, some stood out by registering double-digit gains. For example, Solana (SOL), Dogecoin (DOGE), Bitcoin Cash (BCH), Cardano (ADA), Stellar (XLM), Chainlink (LINK), Hedera (HBAR), and Litecoin (LTC) shot up with double-digit percentage increases. SUI stole the main attention with a massive 28% surge, reaching $1.73.
In summary, as a result of this intense rally, the cumulative market capitalization of all crypto assets soared by more than $200 billion in a single day, settling at an impressive total of $3.240 trillion. The market has just demonstrated significant resilience, proving that the recent correction was short-lived.