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Crypto Markets Add $70 Billion Daily as BTC, ETH Soar to 19-Month Highs (Market Watch)

Crypto News - Jordan Lyanchev 2023-12-04 21:53

After sitting quietly below $39,000 during most of the weekend, bitcoin went on the offensive hard on Monday morning and skyrocketed past $40,000 to a 19-month high of $41,750.

The altcoins have followed suit, with ETH surging to over $2,250, while a few Terra-related tokens have charted double-digit price surges again.

BTC Nears $42K

A lot can change in the crypto markets within a seven-day period. Just a week ago, the primary digital asset had slipped below $37,000 after a quiet weekend. It started regaining traction in the following days and jumped above $38,000 on a few occasions before it conclusively overcame that level by the middle of the week.

More gains came at the start of the weekend when bitcoin soared to above $39,000 for the first time since May 2022. This led to multiple speculations within the community that $40,000 would fall next.

Sunday was quieter, but the landscape changed for the better on Monday morning. Bitcoin initiated a massive leg-up that resulted in breaking above $40,000. However, the asset didn’t stop there and kept climbing.

As a result, it soared to $41,750 to chart its highest price tag in 19 months, leaving over $150 million in liquidations.

This means that its market capitalization has increased to well over $810 billion, and its dominance over the alts is up by 0.6% in a day to 52.6%.

BTCUSD. Source: TradingView BTCUSD. Source: TradingView

Alts See Green

The altcoin landscape is quite similar, with green dominating almost all charts. Ethereum has jumped by more than 4% overnight and sits at a 19-month peak of its own at $2,260. Binance Coin has reclaimed the $230 level after a 3% daily increase.

Ripple, Cardano, Tron, Avalanche, Polygon, and Polkadot are with similar gains, while the two largest meme coins – DOGE and SHIB – have soared by 6% and 11%, respectively.

Bitcoin Cahs is also up by an impressive percentage (10%) and trades at $250.

The cumulative market cap of all crypto assets has added more than $70 billion in a day and sits at $1.550 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto Cryptocurrency Market Overview. Source: Quantify Crypto

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