In the past 24 hours, cryptocurrency market has been on a tear. Bitcoin, the world's biggest cryptocurrency, skyrocketed from the weekend's stagnation at $28,000 to over $31,000, a ten-month peak. Ethereum (ETH) also saw explosive gains, with its market capitalization rising to 11-month high of $2,100, due to the Shapella upgrade. Since then, other major altcoins such as Dogecoin (DOGE) and Cardano (ADA) have made similar upsurges, increasing by 7% and 6% respectively. Collectively, blockchain-based asset's market capitalization has climbed past $1.3 trillion as of today, making the crypto market an attractive and potentially profitable place.

At the moment, Bitcoin's market cap is close to $600 billion and its dominance over other cryptocurrencies has taken a slight hit at 46.4%. This is mostly due to impressive rallies displayed by some of the top alts. For example, Uniswap (UNI) has seen surge of about 5% in the past couple of days. Chainlink (LINK) increased by 8%, ATOM went up by 6%, APT rose by 9%, and ARB has blasted by more than 20% to its all-time high.

These gains may have been prompted in part by out of the blue tweets from Elon Musk, who seemingly announced that he was investing in DOGE and now predicts the asset will hit $0.1. This followed other not-so-crypto-friendly news such as March Consumer Price Index (CPI), which was lower than the two previous months, and many taking sideways glances at Japan's new cryptocurrency exchange restrictions.

Overall, cryptocurrency market has been in the green this week and is near all-time highs. With Bitcoin and Ethereum reaching new records and significant gains of other major tokens, crypto enthusiasts are surely looking into 2021 with great hopes and expectations.



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