The bitcoin price made a bullish leap on Friday, crossing $16,000 to reach its highest point of the year. The ripple price, meanwhile, declined nearly 11 percent as the weeklong altcoin rally appears to have hit a wall.
Bolstered by a resurgent bitcoin, the total cryptocurrency market cap rose to a new all-time high above $782 billion this morning and is currently valued at $779 billion — a 24-hour increase of three percent.
Bitcoin Price Recovers Past $16,000
The bitcoin price did not have an enviable start to the new year. As altcoin valuations soared, bitcoin remained unable to break past $15,000, and it appeared helpless to prevent ripple, ethereum, and company from chipping away at its market share, which reached a historic low this week.
On Friday, however, the bitcoin price made a sudden leap past $16,000 on Bitfinex, bringing the flagship cryptocurrency to its highest point since Dec. 27. At present, the bitcoin price is trading at $16,093 against the dollar on Bitfinex, while its global average is $16,440. This translates into a one-day advance of 11 percent and provides bitcoin with a $276 billion market cap.
There was no clear trigger for the rally, although it may be a logical outgrowth of the recent altcoin surge. Traders may be swapping their altcoin profits for BTC, given that it is one of the few major coins to not experience a significant price increase over the past two weeks.