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Bitcoin's Surge to $42,000 Spurs Crypto Market Rally

WEEKLY WATCH - Crypto Market Rises as Bitcoin Hits $42,000, ETH and Altcoins Follow Suit

Dec 04, 2023
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The latest surge in Bitcoin's value sparks renewed optimism in the crypto market, with Ethereum and various altcoins experiencing significant price gains.

In a fresh wave of momentum, the crypto market is seeing a significant increase this morning, driven by potential U.S. interest rate cuts and speculation that the U.S. will soon greenlight exchange-traded bitcoin funds. Following Bitcoin’s lead, altcoins have also seen substantial growth, with Ethereum climbing to over $2,250 and several Terra-related tokens experiencing double-digit price increases.

Bitcoin (BTC), the world’s largest cryptocurrency, experienced a significant increase on Monday, momentarily exceeding $42,000 for the first time since April 2022, a level not seen since the Terra LUNA crash in April 2022. This rise seems to have dispelled the gloom that had enveloped the crypto markets after the collapse of FTX and other crypto businesses last year. At press time, Bitcoin is trading at $41,632. Over the past week, Bitcoin has risen 13.1%, and its year-to-date increase is over 150%. Currently, Bitcoin’s market capitalization stands at approximately $813 billion, with each unit trading at $41,556.

Ethereum (ETH) has also seen significant growth, jumping more than 4% overnight to reach a 19-month high of $2,225 and demonstrating a 10.4% rise over the last 7 days. This represents a 10.4% increase over the past week. As Ethereum reaches a noteworthy price of $2,250, its 24-hour range of $2,151 to $2,271 indicates robust activity in the crypto market. With a substantial trading volume of $26.82 billion and a market capitalization of $269 billion, Ethereum continues to assert its dynamic presence in the digital currency landscape.

The altcoin market mirrors this trend, with most charts showing gains. Binance Coin has regained the $230 level following a 3% daily increase. Ripple, Cardano, Tron, Avalanche, Polygon, and Polkadot have seen similar gains. The two largest meme coins, DOGE and SHIB, have risen by 6% and 11%, respectively. Bitcoin Cash has also seen a significant increase of 10%, trading at $250.

The total market cap of all crypto assets has grown by more than $70 billion in a day, reaching $1.6 trillion on CoinGecko, a 2.6% change in the last 24 hours. The total cryptocurrency trading volume over the past day is $115 billion. Bitcoin currently dominates the market with a 50.9% share, while Ethereum holds a 16.7% share.

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