The euphoria continued for Bitcoin and other tokens as the bullish moves of the crypto market cycle extended to take its market cap higher in the last 24 hours.
Bitcoin posted higher returns even as other token prices notched ahead with the upward crypto market cycle. Crypto bulls were active in higher numbers, leading analysts to revise their estimates for the market. At the current growth rate, BTC could touch $50,000 within 2023, aiming to cross its all-time high in the first quarter of 2024.
BTC broke ahead of all resistance levels in the last 24 hours. The price gains helped it cross $44,000 for a short period. Although it is currently trading below the level, it could soon consolidate higher than the mark. Token prices marched ahead in the bull run, with those like ETH, Solana, Dogecoin, and Cardano witnessing high returns. Ethereum’s market cap is trading at around $268 billion, with seven-day returns of 10%.
Experts are weighing in on the US Federal Reserve to pause interest rate hikes in December. The move could fuel more optimism in the crypto market. Moreover, the higher market cap could indicate traders and investors are nudging off macro risks in the economy. Centralized crypto exchanges may also see higher inflows shortly with the rising interest in crypto.
BTC/USD 1D price chart
Bitcoin is currently trading at around $43,800 on December 6, 2023, with BTC/USD trading higher by a margin of 5.6% in the last 24 hours. As a result, Bitcoin’s market cap is trading at around $855 billion.
BTC/USD is trading higher than its 20-day EMA (38,107.07), as BTC’s 24-hour volume was at around $38 billion. The crypto market cap increased by around 4.2%, trading above $1.6 trillion. BTC’s year-to-date returns are above 164.28%.
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