As of now, Bitcoin commands a market dominance of 52.4 percent, according to CoinMarketCap.
Bitcoin on Monday, December 4 reflected a profit of 2.66 percent on the crypto price chart. With this, the value of the most expensive cryptocurrency reached $40,578 (roughly Rs. 33.7 lakh), its highest price point for the year of 2023. Over the weekend, Bitcoin rose in value by $2,854 (roughly Rs. 2.37 lakh). At present, Bitcoin’s market dominance stands at 52.4 percent, as per CoinMarketCap. Despite its rally, Bitcoin failed to uplift most other cryptocurrencies listed on the chart.
Ether noted a gain of 2.53 percent on Monday. At the time of writing, the value of ETH stood at $2,214 (roughly Rs. 1.84 lakh). Over the weekend, Ether price spiked by $125 (roughly Rs. 10,400).
“Bitcoin has reached its highest price point so far since April 2022 for the first time. Traders are expected to be cautious to book profits as historically, December usually marks local top/bottom for crypto,” the CoinSwitch markets desk told Gadgets360.
Other cryptocurrencies that are trading in the gains today include Ripple, Cardano, Tron, Polygon, and Litecoin.
Minor profits were also clocked by Shiba Inu, Bitcoin Cash, Cosmos, Stellar, Near Protocol, and Elrond.
“This price movement results from bullish market sentiment and anticipation of positive developments in 2024 regarding a Bitcoin Spot ETF in the US and the upcoming Bitcoin halving. Bitcoin’s price has grown by over 140 percent since the beginning of the year,” Edul Patel,Co-Founder and CEO, Mudrex.
In the past 24 hours, the overall crypto market cap has increased by 2.76 percent, reaching a current valuation of $1.52 trillion (approximately Rs. 1,26,64,906 crore), according to CoinMarketCap. This marks the highest valuation the crypto market has attained this year.
However, several cryptocurrencies are experiencing losses today, including Tether, Binance Coin, Solana, USD Coin, Dogecoin, Chainlink, and Avalanche.
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