Bitcoin Climbs Past $44K; Market Cap Hits 1.66 Tn
By Laxmiant Khanvilkar
The cryptocurrency market has witnessed a surge in investor confidence, with Bitcoin breaking past the $44,000 threshold as the overall market capitalization reached $1.66 trillion.
This uptick in the crypto market is partly attributed to the recent filings by Grayscale and VanEck for Spot ETFs with the Securities and Exchange Commission (SEC), which has contributed to a more bullish investor sentiment.
In parallel, Ethereum has also experienced price increases, with significant whale accumulation signaling a robust market confidence.
Ether, the second largest cryptocurrency by market cap, was changing hands at $2261, up by 0.66% in the past 24 hours.
The broader financial markets are reflecting this positive sentiment, with stock futures showing modest gains. The Dow Jones Industrial Average ended its session slightly higher, adding to the optimistic outlook for investors.
Meanwhile, The U.S. economy added 216,000 jobs in the last month of 2023, ahead of economist estimates for 170,000 and above November’s 173,000 which was revised lower from an originally reported 199,000. The unemployment rate was steady at 3.7%, beating estimates for a rise to 3.8%.
According to the CME FedWatch Tool, there’s about a 65% chance of a U.S. Federal Reserve rate cut at or before the central bank’s March meeting. And by year-end, markets are predicting nearly an 80% chance of 125 basis points or more of rate cuts.
The global crypto market cap is $1.66T, a 0.79% decrease over the last day. The total crypto market volume over the last 24 hours is $72.1B, which makes a 2.88% decrease. The total volume in DeFi is currently $6.88B, 9.54% of the total crypto market 24-hour volume. The volume of all stable coins is now $64.23B, which is 89.08% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.91%, an increase of 0.55% over the day.
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