Market Update 4th December 2024
By Shikha Singh
Bitcoin (BTC) continues to exhibit significant volatility amidst macroeconomic uncertainties, including South Korea’s temporary imposition of martial law.
Trading at approximately $97,000 after recovering from a dip to $93,500, BTC remains on the cusp of breaking into six-digit territory.
Currently, bitcoin is trading at $96,885, up 1.35% in the last 24 hours.
Despite short-term corrections, its exchange reserves have plummeted to a multi-year low of 2.46 million BTC, signaling a potential supply crunch.
This decline, coupled with rising illiquid supply now at 14.8 million BTC, indicates strong long-term holder confidence.
Analysts suggest BTC could reach $140,000 by December, though short-term corrections, such as a drop to $90,000, remain possible. BTC’s market cap hovers near $1.9 trillion, with dominance at 51.3%.
While Bitcoin leads the charge, several altcoins are stealing the spotlight with new all-time highs.
Ethereum was trading at $3,752, up 3.10% in the last 24 hours.
Tron (TRX) surged nearly 100%, breaking past $0.40, and Binance Coin (BNB) reached nearly $800. Other notable gainers include AVAX, TON, DOT, BCH, ETC, and FIL, with Ethereum (ETH) climbing over 3% to surpass $3,700.
The total crypto market cap has hit a record $3.73 trillion, fueled by strong momentum across both Bitcoin and altcoins, reflecting growing investor interest and a robust market recovery.
You need to login in order to Like
