After a few days of moving on a stagnant note, the trajectory of the upward market trend in crypto helped several altcoins rise from their previous levels.
Significant global developments could be responsible for the crypto market recovery of the last 24 hours. Bitcoin was one of the critical gainers of the rally, crossing $42,500. It may aim to consolidate above the level and gather support at $43,000. Meanwhile, the upward market trend in crypto also benefited from a recent regulatory rule in the US. The new accounting rule could aid firms in assessing their crypto holdings at fair value.
The sudden jump in the crypto market also led to multiple altcoins witnessing increasing investor confidence. ETH rose by 3.9% and is trading at $2200. Solana was another key gainer, with 9% returns. Meanwhile, Cardano, BNB, XRP, and Polygon also went through a price hike.
Analysts posted their bullish predictions over the last few days, setting optimistic targets for the market. Experts claimed the profit-booking phase for BTC and other tokens was likely over. Investors and traders could now find a fresh opportunity to enter the market and begin a year-end and Christmas rally. The remarkable 150% returns posted by BTC in 2023 have sealed it as a valuable asset class. With the upcoming spot ETFs, the market could see higher returns in 2024.
BTC/USD 1D price chart
Bitcoin is currently trading at around $43,000 on December 19, 2023, with BTC/USD trading higher by a margin of 5% in the last 24 hours. Bitcoin’s market cap was trading at around $841 billion.
BTC/USD is trading higher than its 20-day EMA (40,782.56), as BTC’s 24-hour volume was at around $24 billion. The crypto market cap increased by around 4.45%, trading above $1.62 trillion. BTC’s year-to-date returns are above 159.79%
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