6 Apr 2021: Litecoin catches up as altcoins surge, XRP gains +50% overnight

📈 BTC | $59,162 (+1,113, +1.9%)

📈 ETH | $2,127 (+59, +2.9%)

📈 XRP | $0.8906 (+0.2739, +43.8%)

📈 LTC | $222 (+19, +9.6%)

Crypto market cap briefly topped $2 trillion for the first time early today. More remarkably, market cap excluding Bitcoin has surged from $225B on 1st Jan 2021, to $870B today – a +390% increase.

XRP rose +50% overnight, likely triggered by the Ripple CEO publicly stating that they could do without XRP in their products if they lost their ongoing SEC lawsuit. Ripple still owns over half of all XRP (around 50B tokens) however, with their CEO publicly admitting to the Financial Times in March that the company would not be profitable without regular sales of their massive hoard of XRP tokens.

South Korean crypto markets are experiencing red-hot demand even as regulators make it harder to buy cryptocurrencies, with Koreans now paying up to a 10% premium for Bitcoin (Translated: 1 BTC = around $59K + $5.9K premium), in what is known as the Kimchi Premium. The Kimchi Premium hit a high of nearly 55% in Jan 2018 at the height of the crypto market back then.

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