The global cryptocurrency market maintains its robust momentum, boasting a steady market capitalization of $1.41 trillion. Bitcoin, the pioneer of digital currencies, has breached the $37,000 threshold for the first time since May 2022. This noteworthy resurgence is attributed to various factors, including the conviction of FTX founder Sam Bankman-Fried and the growing anticipation surrounding potential Bitcoin exchange-traded funds (ETFs).
As of the latest data, Bitcoin is trading at $37,032.91, marking a modest 24-hour gain of 0.16 percent. Despite a slight retreat in Ethereum’s value by 0.31 percent to $2,045.40, the overall market sentiment remains optimistic. Other major cryptocurrencies showcase mixed performance: Dogecoin experienced a 0.41 percent decline to $0.07759, while Litecoin saw a marginal increase of 0.23 percent, reaching $74.52. Solana demonstrated a 0.60 percent uptick, settling at $57.58.
Among the top gainers in the past day were the 0x Protocol (ZRX) token, THORChain (RUNE), Avalanche (AVAX), Celestia (TIA), and Huobi Token (HT). Conversely, FTX Token (FTT) and several others faced declines.
Edul Patel, CEO and co-founder of Mudrex, commented on Bitcoin’s resilient performance above $37,000 over the weekend and its consecutive four weeks of gains. Patel also emphasized Ethereum’s robust weekly gains and its ability to stay above the $2,000 mark, bolstered by Blackrock’s spot ETF filing.
In today’s trading, major digital assets such as Bitcoin and Ethereum experienced a slight decrease, with Bitcoin priced at $36,933 and maintaining a market dominance of 51.20%. The trading volume for Bitcoin witnessed a slight uptick, reaching $13.04 billion.
Investors are closely monitoring Bitcoin’s sustained position above $37,000 for four consecutive weeks, accompanied by a recent surge of 40%, sparking predictions of continued upward momentum into 2024. Ethereum’s performance also signals growing confidence in smart contract platforms, supported by positive developments such as Blackrock’s ETF filing.
As Bitcoin approaches the psychological resistance level of $40,000, market participants are contemplating potential profit-booking scenarios while also keeping a vigilant eye on robust support levels at $36,000 and $32,000. This follows Bitcoin’s breakout from the previous range between $25,000 and $28,500, leading to its rally up to $37,972. The concurrent rise in altcoins alongside these developments is fueling expectations for an imminent altcoin season among investors and market observers alike.
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