BTC breaches $40K amid broad crypto market rally
By Laxmikant Khanvilkar
Bitcoin (BTC) price pierced through $40,000 mark for the first time in the last 18 months amid hopes of a spot bitcoin exchange-traded fund (ETF) approval to launch in the U.S. very soon.
Further, dovish comments from the Federal Reserve provided legs for the rally in leading virtual digital assets (VDAs), over the last 24-hours.
After breaching the psychological barrier of $40K, the world’s largest and oldest cryptocurrency is currently trading at $40,158 gaining 1.6%.
Ether (ETH) too scaled above $2,200, the level last seen in May 2022. The second largest cryptocurrency by market capitalisation is currently offered at $2,211 up 2%.
Broader markets have tip-toed the positive sentiment in BTC and Ether, however, the gains were restricted to largely active tokens. Exception being Binance native token BNB, which was down nearly 1.5%.
Broader market gains helped lift the global crypto market cap by 1% to $1.5 tn, in the last 24-hours. The total crypto market volume rose 2.4% to $43.6 bn. Total volume in DeFi is currently $5.2 bn and all stablecoins $38.8 bn, representing 11.9% and 89% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.2%, up 0.25% over the day.
IC15 index, the barometer of top fifteen tokens, surged 1.1% to 50,396.
Meanwhile, November brought explosive gains for altcoins. AVAX, the native token of Avalanche nearly doubled over the past month, the most among large-cap digital assets, benefitting from news that finance giants JPMorgan and Apollo are using the network to test real-world-asset tokenization. Helium, BLUR, RUNE are some of the major gainers as well during this period.
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