Following a dismal start to the week, Wednesday brought some unexpected relief as the market recovery saw bitcoin (BTC) break yet another all-time high, coupled with a new all-time high for the entire crypto market capitalization.
Bitcoin Continues to Surge
Every time it appears bitcoin is done mooning, it continues. Wednesday saw another BTC all-time high as the leading crypto flew above $52,000.
The climb over $50,000 has been lingering for several days, but it appears that BTC has finally managed to break and hold well over that mark.
The strength in bitcoin seems to be coming from increasing interest from Venture Capitalists (VCs) and corporates alike. This follows news that MicroStrategy is looking to purchase at least $600 million more in bitcoin.
Total Market Cap Breaks All-Time High
The total crypto market cap keeps heating up. Following another bitcoin all-time high, the total crypto market capitalization followed suit as majors rallied. The slow and bloody start to the week was quickly forgotten as green was seen across the board.
The uptick in prices sees the total market cap all-time high now sit at $1.558 trillion.
Binance Sets Eyes on XRP
XRP continues to try and fight back for the fifth spot against Cardano (ADA). Following a recovery on Wednesday, XRP was able to outperform ADA. However, it still lags. What is more concerning is the recent news of founders potentially dumping their XRP. This could affect the recent gains negatively.
Worse yet, Binance Coin (BNB) now has a clear view of XRP following a 20% surge in price on Wednesday. BNB is now just $2 billion behind XRP in market cap and will be eyeing out that sixth spot closely.
Top 100 Biggest Gainer
Wednesday saw plenty of the top 100 projects climb dramatically in price. But none were quite as dramatic as PancakeSwap.
PancakeSwap (CAKE) climbed nearly 50% on Wednesday, starting the morning at just over $7. The self-proclaimed number one automated market maker and yield farm on Binance Smart Chain put its competitors to the test with an astounding climb to well over $10.
The project is the biggest Binance Smart Chain (BSC) project and currently ranks 61 in the top 100. It currently has a daily volume of $297 million with a market cap of $1.17 billion.
All in all, Wednesday appears to have been a good day for the crypto market, with only six coins in the top 100 seeing red of more than 1%. Not bad in the greater scheme of things.