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It’s another good day in the world of cryptocurrency as the total market cap of this kind of asset hits a new all-time high. The entire cryptocurrency market was valued at over $3.25 trillion, up 5.1% over the previous day.
Not suddenly, the main forces behind this shift are the popular tokens Dogecoin, Ethereum, and Bitcoin. One could predict a move in these three digital assets that is significant to the market today since these three leading tokens together account for almost three-quarters of the total value of the cryptocurrency market.
The related gains for Dogecoin, Ethereum, and Bitcoin were 2.1%, 8.8%, and 3.7%. During the trading day, each of these currencies experienced price increases of over 3%.
The rise of Bitcoin to $100,000
Over the next few days, investors will be keeping an eye on whether Bitcoin can reach the crucial $100,000 mark. With Donald Trump's election win, it has reached new all-time highs and is currently trading at almost $98,000 per token.
Bitcoin:
Several cryptocurrency traders and investors seem to be increasing their bets on the biggest cryptocurrency in the world as a result of the most recent spike on the Bitcoin front. Investors are making many predictions that Bitcoin will only rise further from here in response to reports that Trump wants to establish a strategic reserve of cryptocurrency.
Ethereum:
Ethereum is now an ideal target to benefit from any kind of strategic crypto reserve due to its recently authorized ETFs. Over time, the Ethereum team's multiple pricing strategies conclude, while ETF inflows continue to drive ongoing buying pressure. Ethereum is still about 30% below its top from the last cycle; it is also making a notable upward rise in the post-election world.
Dogecoin:
Last but not least, Dogecoin's smaller gain today is noteworthy since it comes after some market-beating actions in the weeks. This is just one of many nods to DOGE, and speculation that Musk owns a sizable portion of the meme coin with a dog theme has caused many investors to keep driving its price.
Will this rally go on?
Many in the cryptocurrency industry will probably be happy to see the price of Bitcoin reach $100,000 quickly. It seems that this psychological barrier is just waiting to be crossed at this moment.
These three currencies continue to rank among the most valuable assets in the industry. They will serve as a benchmark for investors looking at the strength of the momentum and the potential direction of digital assets. The bounce back today serves as a reminder of the very strong momentum we are currently experiencing.
