$17 Billion Added To Bitcoin’s Market Cap, BTC Soars To $13,200

$17 Billion Added To Bitcoin’s Market Cap, BTC Soars To $13,200

$17 billion were added to Bitcoin’s market cap as the cryptocurrency soared to $13,200 and went on a wild ride towards a new 2020 high. The total market cap is now set at $400 billion as most altcoins also saw impressive increases as well so let’s read more in the bitcoin latest news today.

Bitcoin painted a fresh yearly high of over $13,200 after the promising news from PayPal. This time, the altcoins joined the ride and the total market cap reached $23 billion since yesterday. The news emerged yesterday when the major payment processor PayPal announced it will enable customers to buy, sell, and hold bitcoin and other digital assets. The integration will be available in the upcoming weeks for US-based traders and will expand into other countries next year.

BTCUSD. Source TradingView

The market reacted immediately as Bitcoin doubled-down on the recent impressive performance but Bitcoin was hovering shy of the previous 2020 high at $12,500 while in the next few hours, the main cryptocurrency smashed this level with $17 billion added to its market cap. Now, all eyes were set on $13,000 and Bitcoin didn’t disappoint as well. Bitcoin bulls drove the price to new highs which are now set at $13,220. Bitcoin lost steam since then and now trades below the $12,800 while more macro data shows that bitcoin gained over $2000 since the start of October. The impressive performance contrasted once again with all the developments on Wall Street and the three most prominent US-based stock indexes closed the trading session today which turned slightly red.

crypto market cap
Cryptocurrency Market Cap. Source CoinMarketCap

Unlike Bitcoin’s previous increase when the alternative coin market was still, the events were different now. Ethereum broke the $400 level but retraced since then and trades at about $395. On the 24-hour scale, Litecoin gained the most from the top 10 with a 12% surge. LTC trades at about $55 and overtook Polkadot as well as Cardano by 0.5% for the 8th spot. The most impressive gained was Reserve Rights. RSR skyrocketed by 41% to $0.015, Ampleforth increased by 13%, Energy Web Token by 11%, and CyberVein by 10%.

crypto market overview
Cryptocurrency Market Overview. Source quantifycrypto

As most recently reported, Bitcoin’s dominance could peak in December since it is expected that the altcoin buying frenzy will start as well. Bitcoin saw a huge upswing in the past couple of days that brought a firm end to the consolidation phase while it is trying to confront its key resistance around $12,000.