WEEKLY CRYPTO RECAP: BTC surpasses $100K, XRP nears 2018 ATH

The cryptocurrency market experienced major volatility and price movements over the past week, particularly for Bitcoin (BTC) and Ripple's native token (XRP).

Cryptocurrency prices experienced significant fluctuations and movements during the past week, with Bitcoin (BTC) and XRP (XRP) making headlines with substantial price surges.

At the start of the trading week, Bitcoin faced a notable price correction that saw its value briefly drop below $90,000 for the first time since November.

This decline was marked by a rapid decrease of several thousand dollars in just one day. However, BTC demonstrated resilience by bouncing back quickly, recovering approximately $7,000 within 24 hours. Following this recovery, Bitcoin’s price trajectory shifted positively after the release of the US Consumer Price Index (CPI) data for December.

The CPI data indicated that both regular and core inflation rates were around 3% year-over-year. This announcement appeared to bolster investor confidence in the cryptocurrency market, leading to a surge in Bitcoin’s price.

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By mid-week, BTC approached the $100,000 mark and eventually surpassed it on Thursday and Friday. The peak reached was approximately $103,000 earlier today. In total, Bitcoin added nearly $14,000 to its value since hitting its low point earlier in the week.

Ripple’s performance

Ripple’s XRP token also showcased impressive gains during this period. Starting at a low of $2.33 on Monday, XRP experienced a remarkable rally within 72 hours that brought its price up to $3.39 on most exchanges. This surge placed XRP just under 1% away from breaking its all-time high of $3.40 set in 2018.

Market overview

Overall market conditions were favorable during this week as many altcoins mirrored or exceeded these gains. Notable cryptocurrencies such as Dogecoin (DOGE), Solana (SOL), Cardano (ADA), Stellar (XLM), Chainlink (LINK), Avalanche (AVAX), Shiba Inu (SHIB), and Hedera Hashgraph (HBAR) also reported double-digit increases in their values.

As of now, the overall cryptocurrency market capitalization stands at approximately $3.755 trillion with a 24-hour trading volume of about $185 billion. Bitcoin continues to dominate the market with a dominance rate of 54.1%.