The total cryptocurrency market capitalization has surpassed $3.5 trillion, with several altcoins showing strong performance amid a bullish rally.
Currently valued at $3.51 trillion, the market has gained approximately $358 billion in valuation.
Notably, Dogecoin and Cardano emerged as top performers this week, both recording significant growth as the broader market surged past the $3.5 trillion threshold.
While Bitcoin has yet to reach the $100,000 milestone, it has come close, briefly touching $99,000, with traders eager to push it past this psychological barrier. The growing momentum in Bitcoin prices has also boosted altcoins, driving them to outperform.
Dogecoin saw a 27% increase this week, maintaining its position as a top-performing altcoin. The meme coin hit a yearly peak of $0.48 before cooling to $0.4287. Over the past month, Dogecoin has risen by 210%, with 24-hour trading volumes reaching $26 billion. Analysts predict further growth, with some forecasting a price target of $1.25 in 2025.
However, technical indicators suggest that the recent rally may face a pullback, as the Relative Strength Index shows the asset is currently overbought.
Cardano also saw impressive growth, crossing the $1 mark for the first time since April 2022. The altcoin climbed 43.7% this week, reaching $1.08, with daily trading volume surging by 86% to $8.1 billion. Increased whale activity has fueled this surge, with Cardano’s net inflow rising by over 220% in recent days.
As Bitcoin continues its upward trajectory, analysts expect altcoins to follow suit. Bitcoin is currently trading at $98,197, down 0.4% in the last 24 hours, but analysts remain confident it will soon surpass the $100,000 threshold, further driving market growth.
