XRP Surges 7%, Retakes Third Spot as Bitcoin Approaches $108K

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XRP Surges 7%, Retakes Third Spot as Bitcoin Approaches $108K

Dec, 17 2024 11:46

#XRP #Ripple #Bitcoin

XRP Surges 7%, Retakes Third Spot as Bitcoin Approaches $108K

Ripple (XRP) reclaims 3rd spot after 7% daily surge, outpacing Tether's USDT once again, for the second time during the last month.

Bitcoin is setting unprecedented records, entering a robust price discovery phase with its most recent peak narrowly reaching the $108,000 mark. Alongside Bitcoin, several altcoins, including XRP, XLM, and CRO, have mirrored this upward trajectory. Notably, Ripple's XRP has once again surpassed USDT to claim a higher market capitalization.

Bitcoin, the leading cryptocurrency, exhibited significant resilience after facing challenges last week that saw its value dip to $94,400. The cryptocurrency experienced a bullish recovery, pushing prices to $98,000 on Thursday and surpassing $100,000 on Friday. Since then, Bitcoin has maintained a stronghold above six-digit valuations, shattering its previous December high of $103,800 on Monday by climbing past $106,000. Despite a minor setback, Bitcoin displayed robust growth during the Asian trading session on Tuesday morning, reaching $107,800. Although it has slightly retreated since then, Bitcoin remains over $107,000. Its market capitalization has soared beyond $2.1 trillion, while its dominance in the cryptocurrency space has increased to nearly 54%.

In what could be considered the most significant development in the cryptocurrency realm recently, Ripple announced the approval and imminent release of its stablecoin, set for December 17. In response, XRP surged, climbing from under $2.37 to a multi-day peak of nearly $2.60. This ascent enabled XRP to reclaim the third position in market cap rankings, surpassing USDT.

XLM and CRO have also made notable strides, appreciating by 9% and 7%, respectively. Meanwhile, Ethereum (ETH) crossed the $4,000 threshold after a modest daily increase, echoing similar upward movements observed in SOL, BNB, ADA, and AVAX. Conversely, TOKENS TON and LINK have experienced declines of around 4% each.

In aggregate, the cryptocurrency market capitalization has increased by $90 billion in a mere 24-hour span, reaching a new apex of approximately $3.950 trillion.

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