Crypto market sentiments reached their highest levels of 2023 as a trading range breakout in Bitcoin led to the token crossing $41,000 easily, pulling up the market.
Multiple crypto tokens witnessed one of their best performances in the last 24 hours. Bitcoin was the brightest spot in the market, crossing $41,000. The crypto market sentiments of the last few days have been extremely bullish, as evident by its movements. Analysts had been predicting the $40,000 target for BTC for some time. With Bitcoin finally seeing a trading range breakout, the rally in the market could stretch till 2024.
Bitcoin’s year-to-date returns of 2023 have beaten almost all the traditional investment asset classes. The probable approvals of the spot crypto ETFs have driven market sentiments for the last month. An early approval could also lead to BTC breaching its all-time highs.
In another positive development, a US Space Force officer wrote a letter about Bitcoin to the US Defense Innovation Board. Jason Lowery, the officer, wrote, “Addressing this could be vital for the US to maintain its positions as a global superpower and leader among nations, especially in an increasingly digital and interconnected world plagued by security vulnerabilities,” about Bitcoin’s cybersecurity applications.”
The letter results from gradual crypto adoption worldwide, including in the US.
BTC/USD 1D price chart
Bitcoin is currently trading at around $41,400 on December 4, 2023, with BTC/USD trading higher by a margin of 5.3% in the last 24 hours. Bitcoin’s market cap is trading at around $812 billion.
BTC/USD is trading higher than its 20-day EMA (37,243.18), as BTC’s 24-hour volume was at around $25 billion. The crypto market cap increased by around 4.2%, trading above $1.54 trillion. BTC’s year-to-date returns are above 150.17%.
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