Bitcoin Rallies Near $38K, Ether $2.1K
By Laxmikant Khanvilkar
The cryptocurrency market is witnessing a significant turnaround as Bitcoin approaches the $38,000 mark, an encouraging sign for miners who are now seeing their profits reach levels not observed in the last 18 months. This resurgence comes despite recent regulatory actions against major exchange Binance, which suffered a hefty $4.3 billion penalty, and its CEO’s guilty plea.
The cryptocurrency market has witnessed a notable recovery with Ethereum leading the charge, soaring past the $2,100. The surge in Ethereum’s price is supported by significant whale activity, indicating strong investor confidence.
However, concerns loom over Binance’s regulatory settlements and the upcoming expiration of its substantial $2.35 billion ETH derivatives contracts. The market is closely watching how these developments might affect liquidity, especially after withdrawals totaling $1.53 billion were recorded from November 21st to November 23rd.
IC15 index, the barometer for top 15 coins was trading at 47877 points, up by 1.23%
Most larger-cap alts are also in the green but in a more modest fashion. Meanwhile, Blur’s native token has gone on a tear in the past week, having added more than 80% of value. The surge in the past 24 hours alone, perhaps fueled by a Binance listing, has been by over 25%.
XRP, ADA, DOGE, TRX, Toncoin, LINK, AVAX, MATIC, DOT, and even BNB have all charted minor gains on a daily scale.
The global crypto market cap is $1.43T, a 1.02% increase over the last day. The total crypto market volume over the last 24 hours is $52.24B, which makes a 14.55% increase. The total volume in DeFi is currently $4.46B, 8.54% of the total crypto market 24-hour volume. The volume of all stable coins is now $46.59B, which is 89.18% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.57%, an increase of 0.06% over the day.
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