Bitcoin’s (BTC) brief surge above the $44,000 level has lifted the total value of the cryptocurrency market to over $1.65 trillion. This rise has also led to significant increases in the prices of many altcoins, particularly Solana (SOL) and Ripple (XRP). Analysts are predicting that the rise in BTC, SOL, and XRP could continue.
Throughout the year, the crypto market, led by Bitcoin, has been recovering. Recently, it has drawn attention with notable rises in Bitcoin, a major cryptocurrency. On December 4th, Bitcoin’s price crossed the $40,000 level, and its upward trend did not stop there. In the following days, BTC rose above $44,000.
Bitcoin later paused its ascent, but there are many indicators suggesting that a strong rally may continue in the short term. According to on-chain data provided by CryptoQuant, the amount of BTC leaving exchanges in recent days has significantly exceeded the amount entering exchanges.
One of the altcoins that surged along with Bitcoin was Solana’s SOL. SOL has been one of the best-performing altcoins in recent months, with its price reaching nearly $70 by mid-November. According to data from DefiLlama, the total value locked (TVL) in the Solana network has been increasing recently.
On the other hand, Ripple’s XRP, while not as eye-catching as Bitcoin and other altcoins, has made some progress recently. XRP is trading at $0.64, representing an increase of over 85% since the beginning of the year. Many analysts believe that XRP is on the verge of reaching its all-time high.