Altcoins XRP, SOL, DOGE Surge Following Bitcoin's New All-Time High

In brief

Sui was the biggest winner over the past 24 hours, climbing 15% with other altcoins like XRP following in its wake up 6.7%.
It comes as Bitcoin hit a new all-time high on Monday morning.
Out of the top 100 cryptocurrencies by market capitalization, not a single one has fallen more than 0.1% on the day.

A stream of major altcoins rose on Monday morning, as leading cryptocurrency Bitcoin set a new all-time high of $122,838.

The biggest gainer of the past 24 hours among the top 100 cryptocurrencies is Algorand, which has jumped by over 15%. It’s closely followed by Sui, which has risen by 14.1% to a $13.7 billion market cap, according to CoinGecko. Larger altcoins have also seen gains, albeit slightly smaller, like XRP, which has climbed 7% on the day and over 30% on the week.

Other tokens like Solana, Dogecoin, and Cardano have all advanced 2.7%, 4.2%, and 2.4% respectively. In fact, out of the top 100 cryptocurrencies by market cap, according to CoinGecko, no asset has dropped more than 0.3%.

The green day comes as Bitcoin surged past $122,000 on Monday morning. Bitcoin’s price has remained strong since, falling just 0.8% below its all-time high in the hours following.

“Market sentiment in crypto remains bullish,” an analyst at derivatives exchange Bitunix said in a note shared with Decrypt. “BTC surged explosively to [$122,838], breaking out of a consolidation range and liquidating a large volume of short positions over the past 24 hours. The next potential liquidation pressure zone lies between $125,200 and $127,000.”

As for the crypto industry’s second-largest asset, Ethereum has climbed 3.4% in a weekly 19.9% rise above $3,068. On Sunday, SharpLink Gaming acquired 16,374 ETH, worth approximately $48.85 million, according to Arkham Intelligence, bringing its total holdings above $652 million.

It comes amid a growing trend of public companies creating crypto treasuries, a strategy popularized by Michael Saylor’s firm, uh, Strategy. Canadian company Cannabis Sativia, for example, rebranded to Dogecoin Cash this summer and has amassed $3.5 million worth of DOGE.