Wednesday, December 7, 2022

Ripple Surges 12% To A 3-Week High, Bitcoin Touched $43,000

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Ripple surges 12% to a 3-week high after bitcoin tapped a new high since its January crash so let’s follow up on the altcoin news and analysis.

Ripple surges 12% and SHIB also went on a tear. Bitcoin’s bullish run continued with another increase that led it to the $43,000 level and most other altcoins produced similar increases with some like Shiba and XRP exploding with huge double-digit pumps. Ever since last Friday, when the crypto started its ascent from $37,500, the landscape remained positive and BTC managed to increase beyond $40,000 in a matter of a few hours for the first time in January.

btcusd
BTCUSD. Source TradingView

The asset remained calm near the $41,500 level during the weekend before initiating another increase but this time, the bulls drove it to $43,000 for the first time since the market-wide correction. As of now, BTC was unable to reclaim this level and retraced by a few hundred dollars but the market cap surged above $800 billion when a week ago it was down below $700 billion. Most alternative coins followed BTC on the way up with some strong gains in the past days. ETH for example struggled to remain above $2000 but now the second-biggest crypto stands well above $3000 and challenged the $3100 a few hours ago even.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

Polkadot, Solana, Cardano, Binance Coin, and Terra all marked similar gains over the past day between 2% and 4% with some more impressive gains coming from Avalanche and dogecoin. Ripple and Shiba however were the leaders of the day as SHIB exploded by 20% in one day and stands near $0.00003 while XRP, on the other hand, is up by 13% and tapped a three-week high of $0.75. More gains came from BitTorrent which increased 16%, LEO by 14%, and Loopring by 12%. the crypto market cap increased by $60 billion since one day ago and stands at $1.950 trillion.

As reported earlier, Ripple’s valuation is a third higher than in late 2019 and the shadow of the SEC lawsuit still hangs over the company. However, Ripple is touting major growth in its business and announced that it bought back the shares of investors who financed its $200 million Series C round from 2019. according to the company, the new share purchase values the company at $15 billion which is a third more than the $9.8 billion valuations it recieved at the time of the Series C.

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