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In summary
- Bitcoin hit a new all-time high of $108,135 before falling to $107,020.
- XRP surged more than 6% following the launch of Ripple’s RLUSD stablecoin.
- Bitcoin spot funds received $600 million in investments on Monday.
Bitcoin hit a new all-time high on Tuesday morning New York time, topping $108,000 per coin before falling sharply.
The main Cryptocurrency is now trading at $107,020, according to data from CoinGecko. Over the last day, it is only up 0.3%, but in a seven-day period, it is up almost 12%. The new record price of the coin is $108,135.
Investors are now more interested in Bitcoin following President-elect Donald Trump’s surprise victory on November 5. The Republican promised during his campaign to help the digital asset industry, even asking his followers during one of his conferences to “never sell your Bitcoin.”
All eyes are now focused on whether the new administration will launch a strategic Bitcoin reserve. Such a plan would have the US government maintain a reserve of the cryptocurrency, as it already does with other assets, such as gold.
Bitcoin has hit new all-time highs for three consecutive days. The leading cryptocurrency first surpassed the $100,000 mark in early December.
Money has once again flowed into digital asset investment products, particularly new Bitcoin exchange-traded funds (ETFs). On Monday alone, investors poured more than $600 million into the 10 U.S. spot funds listed on stock exchanges.
Last week, investors continued to break records with the amount of money wagered on cryptocurrencies through more traditional investment vehicles.
In the world of altcoins, XRP—a coin launched by the co-founders of fintech Ripple Labs—is making big gains.
The asset, which currently stands as the third-largest cryptocurrency by market cap, soared amid the launch of Ripple’s dollar-pegged stablecoin RLUSD, and is now trading at $2.63. Over the last day, XRP is up more than 6%.
Among other high-value coins, Stellar (XLM) is the next biggest gainer, having risen about 5% in the last day. The asset—whose native Blockchain works to send money across borders, just like XRP—is now priced at nearly $0.44.
However, both assets are still trading significantly below the records they set in 2018. XRP jumped to a seven-year high of $2.82 earlier this month, and climbed back above $2.70 early Tuesday.
In the fast and risky world of memecoins, Bonk, a Solana-based token, is by far the best performer among the top 100 coins, having risen 4% in 24 hours. It is now priced at $0.000036, according to CoinGecko.
And coins tied to exchanges like Bitget Token (BGB) and Crypto.com-backed Cronos (CRO) are up about 11% over the past day.
Edited by Andrew Hayward
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