Bitcoin’s market cap during the week has suggested similar returns during the weekend, which is crucial for the crypto market to end 2023 on an even higher note.
Bitcoin witnessed a broad rally in the last 24 hours, as bulls helped it cross $43,000 on a stronger note. It also went ahead of $44,000 but fell short of the $45,000 mark. With the current conditions, analysts expect the upcoming weekend to be bullish for the crypto market. Moreover, if Bitcoin’s market cap holds its current value, it could see a higher uptrend next week.
Experts noted a sharp price correction in the market was unlikely before the spot crypto ETFs approvals in 2024. But short-term corrections could occur regularly till then, they claimed. Meanwhile, the $48,000 mark could become the next short-term target for BTC, with $43,000 as its support at resistance at $44,000. If its support level sustains during the weekend, another rally could shape up soon.
On the other hand, Solana and Avalanche have recently become some of the top gainers in the crypto market. Solana has posted weekly gains of around 30%, while Avalanche has also seen approximately 19% weekly returns. The surge in altcoins has led to a steep increase in the overall crypto market cap. Bitcoin’s dominance is hovering above $53,000 at the present levels, and it may continue at this range for the next few days.
BTC/USD 1D price chart
Bitcoin is currently trading at around $43,750 on December 22, 2023, with BTC/USD trading higher by a margin of 0.3% in the last 24 hours. Bitcoin’s market cap was trading at around $856 billion.
BTC/USD is trading higher than its 20-day EMA (41,665.23), as BTC’s 24-hour volume was at around $24 billion. The crypto market cap increased by around 0.9%, trading above $1.66 trillion. BTC’s year-to-date returns are above 162.74%
Join Millionero and start crypto trading today with its multiple beginner-friendly features!