Crypto Market Cap Tops $1T as Bitcoin Price Touched $38K Following Elon Musk’s Engagement

The cryptocurrency market capitalization has exploded above $1 trillion as Bitcoin surged to $38,000 following a recent pro-BTC action taken by Tesla’s Elon Musk.

The alternative coins joined the ride as well, including Ethereum touching $1,400 and XRP surging above $0.28.

Bitcoin Touches $38K Following Musk’s Engagement

CryptoPotato reported earlier that the primary cryptocurrency was struggling with maintaining its price above $32,000. While the bears were looming in, a compelling development took place that changed the asset’s price movements rather vigorously.

The CEO of Tesla and SpaceX, Elon Musk, updated his Twitter bio profile and put only one word in it – Bitcoin. Whether that was the sole reason or not, it’s still unclear, but the cryptocurrency reacted with a massive price surge.

Crypto Market Cap Tops $1T as Bitcoin Price Touched $38K Following Elon Musk's Engagement

BTC went from about $32,000 to a high of $38,250 (on Bitstamp) in a matter of minutes. This became the asset’s highest price tag in ten days.

Following this impressive 20% surge, bitcoin has lost some steam and currently trades at $36,500.

Additionally, BTC managed to increase some of its recently lost dominance to nearly 65%. Just a few days ago, the metric had fallen below 63%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Market Cap Reclaims $1T In Response

Most alternative coins seemed relatively stagnant on a 24-hour scale before the aforementioned price development. However, they followed their leader as well with impressive gains.

ETH had issues with maintaining above $1,300, but it skyrocketed to $1,400 in minutes as well. Nevertheless, ETH has calmed slightly and currently stands at $1,370.

Ripple, Bitcoin Cash, Cardano, and Litecoin added another 10% of value. As a result, XRP conquered $0.28, BCH is above $420, ADA stands at $0.36, and LTC touched $140.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Although Dogecoin has lost some of its gains from earlier, DOGE is still 240% up on a 24-hour scale. Voyager Token (74%), Siacoin (56%), SwissBorg (55%), Fantom (51%), Quant (50%), and Verge (45%) are just some of the double-digit gainers.

It’s worth noting that these volatile movements have led to nearly $700 billion in liquidations in the past four hours alone, according to info from Bybt.

Ultimately, the cumulative market capitalization of all cryptocurrency assets exploded to $1.05 trillion. This is an increase of nearly $200 billion since yesterday’s low.

Crypto Market Cap. Source: CoinMarketCap
Crypto Market Cap. Source: CoinMarketCapTitle: Crypto Market Cap Tops $1T as Bitcoin Price Touched $38K Following Elon Musk’s Engagement
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Published Date: Fri, 29 Jan 2021 08:43:19 +0000