Crypto Resurgence: Bulls in Action

Martin Walker
Dec 3, 2023 at 01:17 pm

Having slipped beneath the $38,000 mark yesterday, bitcoin staged a vigorous comeback over the past 24 hours, surging to its highest value since May 2022. This abrupt resurgence was not limited to BTC alone; a slew of alternative coins experienced a similar uptrend. Notably, Avalanche and Polkadot emerged as frontrunners among the larger-cap altcoins.

BTC Achieves a 19-Month Peak

Following a relatively tranquil weekend, bitcoin faced a dip on Monday and Tuesday. However, midway through the business week, it managed to reverse its fortune, breaching the $38,000 threshold on multiple occasions. Regrettably, this momentum proved unsustainable, leading to a swift retreat below the aforementioned level, as reported yesterday.

Nevertheless, the bulls asserted themselves in the last 24 hours, propelling BTC back above $38,000. The positive momentum persisted, and moments ago, bitcoin saw an additional surge of several hundred dollars. Consequently, the cryptocurrency reached $38,700, marking its highest valuation since May 4 of the preceding year.

This surge correspondingly propelled BTC's market cap well beyond $750 billion, currently standing strong. Despite this, its dominance over alternative coins has slightly receded to 51.9% on CMC.

BTCUSD. Source: TradingViewBTCUSD. Source: TradingView

AVAX and DOT Experience an Upturn

A majority of altcoins have witnessed notable gains in the last 24 hours. Ethereum, for instance, recorded an uptick of over 3%, trading just above $2,100. Solana and Dogecoin mirrored similar percentage increases, settling at $61 and $0.084, respectively.

Among the larger-cap altcoins, the most notable performers are Avalanche and Polkadot. AVAX saw a 7% surge, reaching above $22, while DOT experienced a 6% increase, hovering close to $5.5.

The mid-cap altcoins, including ICP, IMX, and LDO, also contributed to the overall positive trend.

Remarkably, the total cryptocurrency market cap witnessed an overnight increase of around $30 billion, signaling renewed optimism and investor interest.

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

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