By
Temitope Olatunji
April 18th, 2024
The overall crypto market has hit a new all-time high. While Bitcoin has shown some strength, the altcoin space has overwhelmed Bitcoin performance over the last week.
Well, for the very first, the total crypto market cap has smashed past a new all-time high on Friday, April 2. At press time, the overall cryptocurrency market cap is up 3% at $1.94 trillion. It means that the crypto market is just on the verge of overtaking the biggest global company Apple Inc (NASDAQ: AAPL).
Over the last week, the overall cryptocurrency market cap has surged 12% which is pretty much in tune with the BTC gains. Bitcoin (BTC), which was reeling under pressure a week before, has gained upward momentum once again. Thanks to Wall Street giants like Goldman Sachs, BlackRock and Morgan Stanley announcing their decision to offer Bitcoin funds to their institutional clients.
At press time, BTC is trading at $59,762 with a market cap of $1.11 trillion. Meaning, Bitcoin still dominates nearly 57% of the overall crypto market. However, the role of altcoins also needs to be appreciated at the same time.
The altcoin market has also significantly surged over the last week. The total altcoin market cap has surged from $678 billion to now at $812 billion. Meaning the altcoin market cap has surged nearly 20% over the last week.
Top Performing Altcoins that Pushed Crypto Market Cap Higher
Ethereum (ETH) continues to be one of the market leaders as the world’s second-largest cryptocurrency is currently flirting around $2000 levels gaining nearly 23% over the last week. Ethereum (ETH) remains on the institutional radar who have been moving it to cold storage. Reportedly around 400K ETH coins were moved out of Coinbase last week and probably to cold storage.
Binance Coin (BNB), the native cryptocurrency of the Binance blockchain has also gained 44% over the last week making a move above $300 levels. At press time, BNB is trading at a price of $349 with a market cap of $54.7 billion.
One of the strongest altcoin moves this week has been from Filecoin (FIL) which has entered the top-ten spot on the crypto list beating Chainlink (LINK). Over the last week, the blockchain-based decentralized storage cryptocurrency FIL has gained a massive 115% and is currently trading at $201 with a market cap of $12.8 billion.
Chainlink (LINK) and Polkadot (DOT) are also strong performers as both of them have gained 20% over the last week.
It looks like investors continue to put their faith in the crypto space amid the current global macro conditions. The Biden administration is currently mulling for another $2 trillion stimulus to push economic growth. If it goes through, we will have much more liquidity coming back to the crypto market.