Bitcoin staged an upward trend in the last 24 hours, bringing the crypto market cap back to its early levels while indicators for crypto trading turned green.
Trading volumes increased in the crypto market as Bitcoin moved ahead of the $43,000 mark during the latest crypto jump. Other altcoins witnessed surging support levels, while Bitcoin also held its dominance. Exchanges also saw increased transactions as investors flocked to buy BTC and other tokens. Meanwhile, indicators for crypto trading have turned bullish and may continue the same over the weekend.
A few analysts pointed at a breakout for BTC to $50,000. The Fed’s rate cuts and the upcoming spot crypto ETFs could catalyze the market in 2024. At the same time, institutional inflows into the crypto market have steadily increased in 2023 and may continue next year. Moreover, Bitcoin remains the most attractive crypto asset for investors.
A few days ago, bears tried to pull down BTC below its 20-day moving average but could not sustain it. Renewed buying activity over the last two days has helped BTC consolidate above $43,000.
Recently, crypto asset firm Grayscale’s CEO Michael Sonnenshein spoke about the potential spot ETFs. He said, “We’re really talking about the advise market here in the U.S., which is today about $30 trillion worth of advised wealth,” referring to the amount of wealth the ETFs could help bring into the crypto market.
BTC/USD 1D price chart
Bitcoin is currently trading at around $43,700 on December 21, 2023, with BTC/USD trading higher by a margin of 1.6% in the last 24 hours. Bitcoin’s market cap was trading at around $854 billion.
BTC/USD is trading higher than its 20-day EMA (41,367.09), as BTC’s 24-hour volume was at around $29 billion. The crypto market cap increased by around 1.95%, trading above $1.64 trillion. BTC’s year-to-date returns are above 163.78%
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