Breaking News
Get 40% Off 0
Is NVDA a 🟢 buy or 🔴 sell? Unlock Now

Bitcoin and Ethereum drive global crypto market rally

Published Nov 09, 2023 01:26AM ET Updated Nov 09, 2023 05:23AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
 
ETH/USD
+2.39%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BTC/USD
+1.11%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
XRP/USD
-0.16%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SOL/USD
+0.60%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SHIB/USD
-0.21%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BUSD/USD
0.00%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Today, the global cryptocurrency market experienced a significant surge, led by Bitcoin and a host of altcoins including Cardano, Dogecoin, Chainlink, Polygon, Polkadot, and Shiba Inu. Bitcoin rose by 3.87% to $36,739.46, bringing its weekly increase to 3.58%. This surge contributed to a 3.26% rise in the total global crypto market cap in just 24 hours, reaching nearly $1.37 trillion.

Bitcoin's market dominance stood at 52.09%, with its market cap surging to $717 billion and a 24-hour trading volume increase of 23.4%. Trading above $36,000, the crypto market is eagerly awaiting the SEC's decision on the 12 Bitcoin Spot ETF applications. If not approved within the eight-day period starting today, the wait might extend till 2024, according to Mudrex CEO Edul Patel.

Bitcoin has grown over 115% since the year's start and could target between $39,500 and $40,000 if it remains above $36,000, as suggested by CoinDCX Research Team. Giottus Crypto Platform CEO Vikram Subburaj noted Bitcoin's breakthrough of the $35,500 resistance level and potential target of $38,000 amidst key stock indices gains and marginal decline in gold and treasury yields.

Ethereum also saw growth, climbing by 2% to $1,924.37 and marking a 3.91% weekly rise. Other cryptocurrencies experienced price increases over the past two days as well. Meme currencies fluctuated; Dogecoin rose by 2.89% with a market cap of $10.81 billion, Shiba Inu increased by 2.78% with a market cap of $4.99 billion.

Other altcoins such as Ripple's XRP (+0.67% at $0.6913), Cardano (+3.35%, $0.365), Solana (+2% at $43.86), and Polkadot (+4.62%, $5.11) also experienced gains. The day's top gainers were Mina, Sui, Arweave, Chainlink, and Bitcoin SV while the biggest losers were Trust Wallet Token, Tether Gold, Injective, and PAX Gold.

Stablecoins Tether and USD Coin remained steady while Binance USD dropped. DeFi tokens Chainlink and Wrapped Bitcoin gained while Dai lost value. Among NFT tokens, Stacks and Axie Infinity gained while Internet Computer and Render lost value.

The recent upswing in the cryptocurrency market marks an improvement from last month's market valuation of $1.09 trillion and three months ago valuation of $1.18 trillion. The consistent growth in the global cryptocurrency market is indicative of the increasing interest and investment in digital assets. ETMarkets WhatsApp channel is now open for subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Bitcoin and Ethereum drive global crypto market rally
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Anor Anor
Anor Anor Nov 13, 2023 9:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
OMAR
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email