Altcoins Skyrocket as Bitcoin Hits $99K for the First Time

• Bitcoin has hit a new ATH, breaking $99,000 for the first time.
• XRP and ADA skyrocketed 24% and 12.54% in the past 24 hours.
• HBAR is up 94.13% while ALGO has surged 50.99% in the past week.

Bitcoin (BTC) hit the $99,000 price level for the first time, making a new all-time high and getting closer to the much-awaited $100,000 price level. This milestone fueled a surge in altcoins, with Cardano (ADA) and XRP leading the charge, alongside Stellar (XLM), Hedera (HBAR), Mantra (OM), and Algorand (ALGO). All of these altcoins posted significant gains in the past 24 hours as capital flowed into the broader cryptocurrency market.

According to a post on X (formerly Twitter) by blockchain analysis platform Santiment, the above-mentioned altcoins have witnessed significant growth in their market capitalization. Santiment noted that as long as Bitcoin maintains support at $95,000, the market will see profits from BTC flowing into altcoins.

The data from CoinMarketCap indicates that Bitcoin was trading at $98,969.69 at the time of writing, up 4.23% in the past 24 hours. Meanwhile, ADA capitalized on the bullish sentiment, surging 12.54% and approaching the $1 price level. The ninth-largest digital asset, with a market cap of $30.7 billion, traded at $0.8765.

XRP reached $1.36 after a 24% surge in the past 24 hours, bringing its market cap to $77.6 billion. Over the past week alone, the altcoin climbed more than 66%, but XRP remained 64.27% down from its all-time high of $3.84, recorded seven years ago. Yesterday, the altcoin touched the $1.40 price level, its highest price since September 2021.

XLM, HBAR, OM, and ALGO Join the Bullish Trend

XLM turned bullish, skyrocketing 16.51% in the past 24 hours, and is trading at $0.2814, down 70.36% from its all-time high of $0.9381, witnessed seven years ago. On the other hand, HBAR also printed gains of 94.13% in the past week and at the time of writing, trades at $0.1277, down 77.8% from its all-time high of $0.5701. 

Meanwhile, OM has surged a massive 129.62% in the past week, trading at $3.74, down 16.52% from its all-time high of $4.47 printed just 4 days ago. Further, ALGO has jumped 5.64% in the past day, 50.99% in the past week, and is trading at $0.2295.