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Why is the crypto market up today? Bitcoin breaks free to $41,000

In this post:

  • The crypto market bull run is back. Bitcoin has surged past the $41,000 market, trading at $41,325.69 per (BTC / USD) on Binance with a 50.33% Market dominance.
  • The recent upswing in the crypto market is consistent with market-wide optimism regarding the approval of Bitcoin Spot ETFs, the upcoming 2024 BTC halving, and other positive developments.
  • Bitcoin is not the only crypto coin trading in the green today. Ethereum leads the altcoin market recovery, trading at $2,248.94, SOL is currently trading at $64.89, and DOGE is now trading at $0.090542.

Today’s headlines are ablaze with excitement as Bitcoin breaks through barriers and reaches an all-time high of $41,000. The crypto market, known for its volatility, has piqued the interest of investors, enthusiasts, and analysts alike. 

According to market data, the current price of Bitcoin (BTC) is $41,337.92, with a 24-hour trading volume of $22,420,450,493.74. This is a 4.82% increase in the last 24 hours and a 10.60% increase in the last 7 days. At the time of writing, BTC is currently trading at $41,325.69 per (BTC / USD) on Binance.

The global crypto market cap is now $1.6 trillion, a 3.39% increase over the last 24 hours and a 79.13% increase over a year ago. Bitcoin has a market valuation of $807 billion as of today, reflecting a 50.33% market dominance. Meanwhile, the market cap of stablecoins is $131 billion, accounting for 8.14% of the total crypto market cap.

 Bitcoin soars to $41,000, recapturing lost glory

With a strong recovery, Bitcoin has surpassed the $41,000 mark, a milestone not seen since late April 2022. The most recent increase brought it to a 19-month high on December 4. 

Santiment, a crypto analytics firm, reported an ecstatic mood when Bitcoin surpassed the $40,000 barrier. The rise was linked to a mix of fear and excitement surrounding upcoming Exchange-Traded Fund (ETF) confirmation dates, according to the firm.

This recent increase also marks a new year-to-date high for Bitcoin. It has increased by more than 140% since the beginning of the year. However, it is worth noting that BTC is still 42% behind its all-time high of around $69,000, set on November 10, 2021.

Significantly, Matrixport’s chief of research, Markus Thielen, has given a daring prediction for Bitcoin’s future direction. In a November 30 correspondence, Thielen predicted that Bitcoin would top $60,000 by April 2024 and reach a staggering $125,000 by the end of 2024. 

Thielen points out that BTC typically enters a bullish cycle after three consecutive bear markets, citing historical data. According to this analysis, the next three-year bull market will begin in 2023 – as seen today.

Thielen’s prediction is intricately tied to the impending halving event in mid-April 2024 when BTC mining profits will be reduced by 50%. Miners have historically stockpiled BTC in anticipation of such occasions, resulting in more than 200% price increases. Thielen anticipates Bitcoin reaching the $125,000 mark based on previous trends.

Bitcoin’s comeback coincides with increased speculation about the introduction of a spot Bitcoin exchange-traded fund (ETF) in the United States. In a Nov. 28 email, Standard Chartered anticipates that Bitcoin will reach a six-figure value before the end of 2023 because of the “earlier-than-expected introduction” of spot ETFs in the United States.

Altcoins performance

Bitcoin is not the only crypto coin trading in the green today. Today’s Ethereum (ETH) price is $2,248.94, with a 24-hour trading volume of $18,536,793,921.49. This is a 4.11% increase in the last 24 hours and a 9.70% increase in the last 7 days.

Solana (SOL) is currently trading at $64.89, with a 24-hour trading volume of $1,376,960,378.19. This is a 1.36% increase in the last 24 hours and a 13.87% increase in the last 7 days. 

Cardano (ADA) is currently trading at $0.406987 with a 24-hour trading volume of $340,929,622.40. This is a 2.77% increase in the last 24 hours and a 5.91% increase in the last 7 days. 

Today’s XRP price is $0.632096, with a 24-hour trading volume of $1,029,640,504.78. This is a 1.95% increase in the last 24 hours and a 3.88% increase in the last 7 days. 

Meme coins have also joined on the bull run bandwagon. Dogecoin (DOGE) is now trading at $0.090542, with a 24-hour trading volume of $983,321,348.12. This is a 5.97% increase in the last 24 hours and an 11.90% increase in the last 7 days. 

Shiba Inu (SHIB) currently trades at $0.00000920, with a 24-hour trading volume of $493,481,313.16. This is an 8.26% increase in the last 24 hours and a 10.41% increase in the last 7 days.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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