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It’s been another historic week for cryptocurrency, with the total market cap topping $2 trillion for the first time on Monday. It’s now more than doubled since the start of the year, having only hit $1 trillion for the first time at the start of January.
The latest milestone was driven by huge rallies in the alt markets. Ethereum (ETH) soared past the $2,000 level it briefly surpassed a month ago and has now held that level for 5 day in a row. The move follows Visa’s announcement last week that transactions can be settled using USD Coin (USDC), a stablecoin powered by the Ethereum blockchain. Can the momentum be sustained?
Elsewhere, XRP is approaching $1 again for the first time in over a year. It’s now recovered much of its losses since after the U.S. Securities and Exchange Commission (SEC) filed a case against Ripple for selling XRP in unregistered securities offerings. The move follows upbeat statements by CEO Brad Garlinghouse and tweets by Ripple executives’ attorney James K Filan over the weekend regarding the trial.
The moves come as Bitcoin builds support just below $60k. A week of sideways price action has seen its market dominance drop 4% to 57%, having started 2021 accounting for over 73% of the total crypto market. A period of consolidation could be a positive for Bitcoin – can it use it as springboard for another rally this week?
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