On March 12th, the cryptocurrency market experienced a surge, with Bitcoin achieving a new all-time high surpassing $73,000, followed by a swift retraction. The momentum was not isolated to Bitcoin, as Ethereum also soared, reaching price points not seen since the previous year. In a notable shift in the ranking, SHIB lost its place in the top 10 to a rising competitor.
Bitcoin Breaks Through Previous Record
Bitcoin’s performance has been on a record-breaking spree, eclipsing its November 2021 high of $69,200. While the anticipated target of $100,000 remains elusive, the cryptocurrency made a strong recovery since its value dip, establishing new records. The latest peak saw Bitcoin momentarily hit above $73,000 before correcting. Despite a slight pullback, trading values remain robust, with Bitcoin quoted at $72,200, reflecting a minor gain.
Ethereum and Solana’s Market Movements
Ethereum continues to exhibit resilience, trading around $4,036 after crossing the significant $4,000 milestone. Solana, on the other hand, is experiencing a downturn, with prices dipping below $150, marking a 2.60% decline. Binance Coin also faces a downtrend, with a marginal decrease positioning its price at $537.
Rising Stars in the Cryptocurrency Space
The Avalanche network’s AVAX token has seen a substantial surge, climbing 10.73% and advancing to the 10th rank in market capitalization, overtaking Shiba Inu. AVAX’s trading volume has soared by 24%, reaching $2.4 billion, while its market cap has concurrently expanded by 10%, now standing at $20.196 billion, reflecting heightened investor interest in the asset.
Overall, the cryptocurrency market continues to demonstrate its dynamic and volatile nature, with various coins experiencing shifts in rankings and value, capturing the attention of investors and enthusiasts alike.