BTC’s support levels over $43,000 continued successfully, as the latest crypto market cap data indicated firm support from bulls for a bigger jump in the trading graph.
Bitcoin has been range-bound for the last couple of days. In the first six days of December, it staged a massive jump, leading to the trading graph of the crypto market turning green. It saw around 15% returns in that period, with other tokens surging. Even though volatility has decreased, analysts are positive about the optimistic crypto market cap data.
Long-term investors are betting on the market, which could lead to BTC touching $50,000 within January 2024. Bitcoin options open interest also increased dramatically as institutional investors took a larger role in the crypto market. Financial services firm Meanwhile Group has also announced the launch of a Bitcoin private credit fund. As more institutional investors join the market, its overall market cap could expand further.
Zac Townsend, who heads the Meanwhile Group, said, “This private credit fund offers unparalleled potential for institutional investors to unlock the full value of their BTC holdings without compromising their ownership, seizing a unique opportunity for optimized returns.”
The fund could aid in incentivizing and easing the entry of more investors into the crypto market. Along the way, both retail and institutional investors helm the future of the crypto ecosystem.
BTC/USD 1D price chart
Bitcoin is currently trading at around $43,200 on December 8, 2023, with BTC/USD trading lower by a margin of 1.3% in the last 24 hours. Bitcoin’s market cap was trading at around $842 billion.
BTC/USD is trading higher than its 20-day EMA (38,740.91), as BTC’s 24-hour volume was at around $28 billion. The crypto market cap decreased by around 0.61%, trading above $1.61 trillion. BTC’s year-to-date returns are above 160.44%.
The market indicators for crypto are highly bullish, making it the best time to start crypto trading. Join Millionero and make it a reality today!