Bitcoin Rally to New Year’s High, Outperforms Ethereum; Chainlink Flips Litecoin

Bitcoin (BTC), the most popular cryptocurrency, rallied to a new year high in early Monday hours (UTC time), outperforming all but one of the top 10 cryptocurrencies.

BTC trades at USD 12,037 at pixel time (03:33 UTC) and is up 2.3 percent in a day and nearly 8% in a week. It hit nearly USD 12,043 earlier today, when it crashed in minutes, compared with USD 12,041 reached on August 2.

The price also increases in a month by 29% and in a year by 5.7%.

BTC Price Chart

BTC Price Chart

One of this year’s best-performing tokens, ethereum ( ETH), ranked 2nd by market capitalization. Remains unchanged in one day and is up 4 percent in one week, trading at USD 397.

Many big market capitalization coins from the top 10 show mixed results, with Cardano (ADA) dropping most (2.6%) and chainlink (LINK) rallying 4%. LINK now ranks 6th in market capitalization, leaving behind bitcoin SV (BSV) and litecoin (LTC).

The overall market capitalization rises by 1.6 percent to nearly USD 371bn, while Bitcoin supremacy. Or the percentage of total market capitalization, is nearly 60 percent, up by nearly 0.5 percentage points in a day.

Marc van der Chijs, founder of VC company First Block Capital and publicly traded BTC miner Hut 8 Mining. Warned after the crash in the market a week ago. That more BTC flash crashes are coming in this new bull market.

“Don’t be shocked if BTC crashes all of a sudden, [the] derivatives market clearly has too much leverage and too many novice traders are playing with money there. Don’t sell!” he said last week.

Meanwhile, as noted, Grayscale, a major Digital Currency Group-owned crypto-asset management company. Is set to launch a nationwide crypto ad campaign this week in the US. This comes at a time of great socio-economic and geo-political instability-which could turn people’s attention to strategic and monetary alternatives.