Bitcoin Breaches USD 39K on Saturday as Market Surges to 19-Month Peak
The cryptocurrency market demonstrated a positive trend on Saturday, December 2, 2023, with an uptick of 1.91% to reach a valuation of USD 1.48 trillion. Notably, Bitcoin moved to a peak level of USD 39,705 during the day, its highest value since late April 2022.
Crypto Economy Valuation Touches USD 1.48 Trillion
The cryptocurrency market registered a 1.91% surge on Saturday over Friday. Bitcoin (BTC) saw a 1.59% rise against the US dollar, while Ethereum (ETH) climbed 3.58% on the same day. Additionally, Solana (SOL) witnessed a 7% increase, and Dogecoin (DOGE) gained 9.11% against the dollar.
BTC moved up to a peak of USD 39,705, while Ethereum (ETH) rose to USD 2,195 per token. SOL advanced to USD 63.31 on Saturday, and DOGE climbed to USD 0.08612 per token. BLUR, RUNE, TIA, IOTA, and ORDI registered substantial growth, rising between 11.3% and 54.9%, securing significant double-digit gains over the weekend. Additionally, PYTH, THETA, XRD, and WEMIX also registered significant rises.
Tether Trade Volume Dominance; Bitcoin Market Dominance
The 24-hour global trading volume on Saturday stood at about USD 49.94 billion, a 7% decline from Friday. Tether dominated with a global trade volume of USD 29.42 billion, while Bitcoin's trade volume reached USD 14.52 billion. Presently, the Bitcoin market dominance is estimated at 52% this weekend, with Ethereum dominance estimated at 17.5%.
The crypto fear and greed index (CFGI) on Saturday revealed a score of 74, symbolizing a state of “greed.” This sentiment has been consistent since yesterday and throughout the past week. The Bitcoin surge to USD 39,705 led to the day’s significant liquidations in the last four hours, totaling USD 71 million out of USD 101 million in liquidated shorts. An estimated total of USD 122.48 million in both long and short positions has been eliminated in the last 24 hours.
What is your take on the latest surge in the crypto economy? Please share your thoughts and opinions in the comments section below.
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