The global cryptocurrency market sustained its momentum today, maintaining a market capitalization of $1.41 trillion. Bitcoin, the leading digital currency, surpassed the $37,000 mark for the first time since May 2022, a significant recovery attributed to various factors including the conviction of FTX founder Sam Bankman-Fried and the anticipation surrounding potential Bitcoin ETFs.
Bitcoin was trading at $37,032.91 with a slight 24-hour gain of 0.16 percent. Despite a minor retreat in Ethereum's price by 0.31 percent to $2,045.40, the overall market sentiment remains bullish. Other major cryptocurrencies displayed mixed performance; Dogecoin fell by 0.41 percent to $0.07759, while Litecoin edged up by 0.23 percent to $74.52. Solana saw a 0.60 percent increase to $57.58.
The past day's top gainers included the 0x Protocol (ZRX) token, THORChain (RUNE), Avalanche (AVAX), Celestia (TIA), and Huobi Token (HT). On the other side of the spectrum, FTX Token (FTT) and several others experienced declines.
Edul Patel, CEO and co-founder of Mudrex, remarked on Bitcoin's steady performance above $37,000 over the weekend and its four consecutive weeks of gains. He also highlighted Ethereum's robust weekly gains and resilience in staying above the $2,000 level, bolstered by Blackrock (NYSE:BLK)'s spot ETF filing.
The cryptocurrency landscape saw major digital assets like Bitcoin and Ethereum trade lower today with Bitcoin at $36,933 and a market dominance of 51.20%. The trading volume for Bitcoin showed a slight uptick to $13.04 billion.
Investors are closely watching as Bitcoin has maintained its position above $37,000 for four weeks straight with a recent surge of 40%, inciting predictions of continued upward movement into 2024. Ethereum's performance also suggests growing confidence in smart contract platforms following positive developments like Blackrock's ETF filing.
With resistance anticipated at the psychological level of $40k for Bitcoin, market participants are considering potential profit-booking scenarios while also keeping an eye on strong support levels at $36k and $32k. This comes after Bitcoin's breakout from a previous range between $25k-$28.5k and its rally up to $37,972. The rise in altcoins alongside these developments is stirring expectations for an upcoming altcoin season among investors and market observers alike.
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