Bitcoin on Monday, December 4 reflected a profit of 2.66 percent on the crypto price chart. With this, the value of the most expensive cryptocurrency reached $40,578 (roughly Rs. 33.7 lakh), its highest price point for the year of 2023. Over the weekend, Bitcoin rose in value by $2,854 (roughly Rs. 2.37 lakh). At present, Bitcoin's market dominance stands at 52.4 percent, as per CoinMarketCap. Despite its rally, Bitcoin failed to uplift most other cryptocurrencies listed on the chart.
Ether noted a gain of 2.53 percent on Monday. At the time of writing, the value of ETH stood at $2,214 (roughly Rs. 1.84 lakh). Over the weekend, Ether price spiked by $125 (roughly Rs. 10,400).
“Bitcoin has reached its highest price point so far since April 2022 for the first time. Traders are expected to be cautious to book profits as historically, December usually marks local top/bottom for crypto,” the CoinSwitch markets desk told Gadgets360.
Other cryptocurrencies that are trading in the gains today include Ripple, Cardano, Tron, Polygon, and Litecoin.
Minor profits were also clocked by Shiba Inu, Bitcoin Cash, Cosmos, Stellar, Near Protocol, and Elrond.
“This price movement results from bullish market sentiment and anticipation of positive developments in 2024 regarding a Bitcoin Spot ETF in the US and the upcoming Bitcoin halving. Bitcoin's price has grown by over 140 percent since the beginning of the year,” Edul Patel,Co-Founder and CEO, Mudrex.
The overall crypto market cap rose by 2.76 percent in the last 24 hours to presently sit on the valuation of $1.52 trillion (roughly Rs. 1,26,64,906 crore), as per CoinMarketCap. This makes for the highest valuation that the crypto market has touched this year.
Meanwhile, cryptocurrencies that are trading in the losses today include Tether, Binance Coin, Solana, USD Coin, Dogecoin, Chainlink, and Avalanche.
“With expectations of a forthcoming rate cut and growing confidence in Bitcoin ETF applications, traders are actively placing top-side options, betting on Bitcoin's potential ascent to $45,000 by March 2024,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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