The cryptocurrency market experienced robust gains today, buoyed by a surprisingly strong surge in Bitcoin, reaching $41,600 and catching many by surprise. This upward movement is perceived as a positive catalyst in the market, attributed to factors such as low-interest rates, the Fear of Missing Out (FOMO) driving BTC purchases, and the optimistic sentiments surrounding the imminent approval of ETF applications.
Furthermore, the market sentiment was boosted by the measured approaches toward interest rate hikes from Federal Reserve officials and hints suggesting that low-interest rates may persist until March 2024. These indicators likely contributed to the recent gains recorded in the digital asset space. Lastly, the crypto market fear and greed index stands at 75, signaling a prevailing bullish trend in the digital asset segment.
Bitcoin reached $41,600!
The leading cryptocurrency, Bitcoin, surged to its highest level in 18 months on Monday, December 4th, surpassing the $40,000 mark for the first time. Setting a new high for 2023, Bitcoin, as of the press time, is trading at $41,671, indicating a gain of 5.66%.
The trading volume experienced a significant uptick, rising by 63% to reach $25.792 billion compared to the previous day. Over the last 30 days, the cryptocurrency has gained more than 19% in value. With the regained momentum, Bitcoin is crossing the 14-day Simple Moving Average (SMA), signaling readiness for a long-term trend and the potential for a robust uptrend. Indicators such as MACD and signals, pointing towards an upward rally, also support the likelihood of a reversal in the trend.
Altcoins are rising along with Bitcoin!
On December 4th, Monday, Ethereum’s price experienced a notable 4.20% increase, reaching $2,253. Surpassing the critical level of $2,200, it indicated an upward trend in the market. With a 20% increase in trading volume over the last 24 hours, ETH surpassed its highest level of the year.
Among other cryptocurrencies, XRP saw a 3.19% increase, reaching $0.6389. With a 100% increase in trading volume, XRP is trading above the daily 100 and 200-day Exponential Moving Averages (EMA), signaling a bullish trend. Furthermore, there are expectations for XRP to surpass $0.64 by the end of the year.
Cardano’s price, on the other hand, is trading at $0.4118 with a 4.4% increase. Showing a 6.66% increase compared to the previous seven days, ADA experienced a 33% increase in trading volume from the previous day. ADA’s growing ecosystem and additional solutions contribute to its network expansion, making it a cryptocurrency to watch.