Cardano and Dogecoin Spearhead Cryptocurrency Price Surges Near $38K Bitcoin

Over the past 24 hours, the cryptocurrency market has witnessed a significant upswing, contributing to a 4.6% surge in the overall capitalization, reaching an impressive $1.44 trillion—levels unseen since May 2022. The resurgence was spearheaded by Bitcoin (BTC) and several alternative coins, reclaiming the peaks achieved just one week earlier. This noteworthy reversal effectively offset nearly all the losses incurred during a $300 million liquidation event on Tuesday.

Leading the charge among the top 10 tokens by market capitalization were Cardano's ADA and Dogecoin (DOGE), both experiencing gains of up to 12%, seemingly without any immediate catalysts. Noteworthy is the fact that liquidations on futures associated with these major cryptocurrencies were lower than usual, indicating that the surge was primarily driven by spot buying. 

Solana's SOL demonstrated a significant ascent, reaching a peak of $67 and sustaining its upward trajectory over the week. This climb was attributed to a positive sentiment surrounding the blockchain and diminishing concerns about a potential FTX sale of the token, which could introduce more SOL into the market.

Avalanche's AVAX experienced an impressive 24% leap following the announcement from developer Ava Labs about their collaboration with the banking giant JPMorgan on an upcoming portfolio management product set to be offered in Singapore.

Notably, some traders observed a parallel between the gains in the cryptocurrency market and traditional assets such as stocks. Despite recent price movements hinting at early signs of decoupling, market analysts, including FxPro's Alex Kuptsikevich, highlighted the divergence in dynamics between crypto and equity markets. Kuptsikevich underscored that this negative correlation seemed to be short-term, emphasizing that both asset classes have exhibited steady growth since October.

Kuptsikevich further underscored the resilience of Bitcoin bulls, asserting that they are not backing down. As the price tested the $38,000 level again on Thursday, he suggested that this move likely "opened the way to $46,000." This optimistic perspective reflects a sustained confidence in the cryptocurrency market's potential for further expansion.

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