The cryptocurrency market saw a boom today i.e. on January 7, 2025, due to which the total market cap of the global crypto market has crossed $3.58 trillion. According to the information, this market cap has increased by about 1.5% in the last 24 hours. The main reason for this rise is the oldest and popular cryptocurrency, Bitcoin Which has once again crossed the $100K milestone. Let us know what was the reason behind today’s rise in the crypto market and how it affected other cryptocurrencies.
Bitcoin rises above $100K
The price of Bitcoin had remained stable for the last few days, but on January 7 it once again gained momentum and is trading around $101,726. BTC has gained more than 2% in the last 24 hours, taking its market cap past $2.01 trillion. This rally of BTC has caused a positive environment in the crypto market.
Bitcoin dominance increased
This increase in the price of BTC makes it more effective on the market, which also increases its dominance. This increase in Bitcoin’s market dominance shows that its role in the crypto market remains strong and its impact on other cryptocurrencies is being seen.
Altcoins rally
The effect of this growth of Bitcoin was also seen on other cryptocurrencies. Major Altcoins such as Ethereum (ETH), XRP, and Cardano also showed growth in the last 24 hours.
-
Ethereum (ETH): The price of ETH rose by 0.42% to $3,667.52.
-
XRP (XRP,:XRP price increased by 2% to $2.45.
-
Cardano (ADA): ADA gained about 3.5% and was priced at $1.12.
Apart from this, dog themed memecoins like Dogecoin, Floki Inu, and Shiba Inu also showed a rise.
Meme Cash’s rise
Mimecoin has also shown growth in the crypto market. Dogecoin The price increased by more than 3%, taking its price to $0.3962. Along with this, Floki Inu is also trading around $0.0002009 with a gain of 3%. Shiba Inu, the crypto market’s most popular meme token, is also up more than 1% to $0.00002418.
Conclusion
The rise seen in the crypto market today was driven by Bitcoin’s price crossing $100K, which benefited not only BTC but also Altcoins and Memecoins. This rally in the crypto market gives rise to a new hope and investors are anticipating even higher rallies in the future. Although there are ups and downs in the crypto market, today’s rally shows that investor confidence in Bitcoin and other major tokens is increasing.
Also read:MemeFi Day-to-day Codes For November 15, Earn Virtual Coins