Bitcoin and other altcoins have staged a long rally in the current year, pulling up crypto yearly returns to record highs with rising investor sentiments.
Bitcoin maintained its support level of over $43,000 on consecutive days, turning trading signals green in the market. It has slowed down slightly from its trading range above $44,000, likely due to profit booking by traders. Meanwhile, its bull run has kept crypto yearly returns much higher than in 2022. BTC has recovered all its losses from around $16,400 in November 2022.
If it holds its current price range over the weekend, BTC could propel the market higher next week. The crypto price jump of 2023 has led to a broad-based rally across multiple tokens as well.
BTC’s rise in 2023 has been gradual. It saw stagnant returns for months in 2023. In September 2023, Bitcoin fell to the $25,000 mark, igniting calls for sell-offs. Despite such occurrences, bulls helped Bitcoin and several other crypto tokens gather support and rise to their present levels.
Moreover, the crypto market jump has led to short sellers losing billions. A recent report by S3 Partners, a research firm, confirmed the same and said, “Investors looking for crypto exposure can now pick between the actual crypto-currencies or crypto stocks – if the recent momentum continues, both look to outperform the market.”
BTC/USD 1D price chart
Bitcoin is currently trading at around $43,700 on December 7, 2023, with BTC/USD trading lower by a margin of 0.3% in the last 24 hours. In the last 24 hours, Bitcoin’s market cap was trading at around $843 billion.
BTC/USD is trading higher than its 20-day EMA (38,457.88), as BTC’s 24-hour volume was at around $26 billion. The crypto market cap decreased by around 0.53%, trading above $1.59 trillion. BTC’s year-to-date returns are above 162.79%.
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