Bitcoin on Tuesday traded at its highest level since April 2022, with the rally helping to fuel gains in smaller cryptocurrencies.
Bitcoin, the largest cryptocurrency
BTCUSD,
by market cap, rose over 4.2% during the past 24 hours to above $44,000 briefly on Tuesday, according to CoinDesk data. It is up 13.4% during the past seven days, and up 157% year-to-date. The crypto is still down over 35% from its peak in 2021.
Ether
ETHUSD,
went up 1.9% over the past 24 hours to briefly trade above $2,300 on Tuesday, its highest level since May 2022. The crypto was up 1.9% over the past 24 hours and up 10.5% over the past seven days.
But smaller tokens also have seen price appreciation and increased trading activity. The market share of the trade volume for “altcoins,” or cryptocurrencies other than bitcoin and ether, jumped to 67% last week, the highest level since March 2022, according to analysts at Kaiko Research.
That is because “traders continued rotating into riskier assets amid an ongoing rally,” the analysts wrote in a Monday note.
XRP
XRPUSD,
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