Bitcoin has catapulted past the $40,000 mark, signaling the arrival of an official bull run in the crypto market. This remarkable surge comes amid a backdrop of historical negative weekend market narratives that, surprisingly, have failed to impede the upward momentum of the world’s largest digital currency.
The significance of Bitcoin breaking through the $40,000 barrier extends beyond monetary value; it symbolizes a rebirth of hope and a bullish sentiment in the crypto ecosystem. Investors who have withstood recent market volatility are now witnessing a dramatic reversal that has sparked optimism about long-term growth and stability.
Bitcoin leads the crypto market recovery
For the first time since late April 2022, Bitcoin has surpassed the $40,000 mark. Bitcoin (BTC) is currently trading at $40,736.61 with a 24-hour trading volume of $18,890,507,523.49. This is a 3.38% increase in the last 24 hours and a 9.17% increase in the last 7 days.
The crypto market cap has increased in tandem with its rise. The global crypto market valuation is now $1.59 trillion, a 2.61% increase over the last 24 hours and a 77.74% increase over a year ago. BTC currently has a market cap of $797 billion, reflecting a 50.04% dominance.
Meanwhile, the market cap of stablecoins is $130 billion, accounting for 8.19% of the total crypto market cap. As it stands, the Bitcoin Fear and Greed Index sits at 74 as of an update 4 hours ago.
The price of the world’s largest and oldest crypto coin fell below $40,000 in April 2022 but has since rallied, owing largely to dovish comments from U.S. central bankers and hopes that a spot bitcoin exchange-traded fund (ETF) will be approved for launch in the country.
The crypto community remains ready for the bull market
Bitcoin has more than doubled in value this year, breaking out of the doldrums of the so-called “crypto winter” that followed scandals such as the collapse of the FTX exchange last year.
Riskier investments and other interest-rate sensitive assets, such as gold, have also surged in recent weeks as markets bet that the US Federal Reserve has completed its rate hikes and would begin cutting rates early in 2023.
Ethereum has also joined the bull market. The price of Ethereum (ETH) is $2,217.08 today, according to CoinGecko, with a 24-hour trading volume of $15,592,787,460.91. This is a 2.58% increase in the last 24 hours and an 8.18% increase in the last 7 days.
Bitcoin and ether are still trading significantly below their 2021 record highs of over $60,000 and $4,000, respectively. BTC surge also comes on the back of heavy price predictions.
Matrixport research head Markus Thielen forecasted in a Nov. 30 note that Bitcoin would be worth more than $60,000 by April of next year and $125,000 by the end of 2024.
According to Thielen, a three-year bull market followed the last three crypto bad markets, and a study predicted “another three years of this bull market, with 2023 being the first year.”
Pando Asset, a Swiss asset manager, has submitted the thirteenth proposal for a spot Bitcoin ETF in the United States as of November 29. All, with the exception of BlackRock and Grayscale, which have already conferred with the Securities and Exchange Commission to iron out the specifics of their ETFs, are awaiting approval.
A 90% chance exists that all pending ETF bids will be approved concurrently by January 10, according to Bloomberg ETF analysts.
The early-week spike in the value of digital assets permeated crypto-related equities in Asia. The Woori Technology Investment Co. in South Korea and the Monex Group of Japan were among the beneficiaries.
Year-to-date gains for software company MicroStrategy Inc., the largest publicly traded corporate holder of Bitcoin, and digital-asset exchange Coinbase Global Inc. in the United States surpass 270%. MicroStrategy now holds approximately $6.5 billion worth following a purchase of $593 million more of the token last month.