Bitcoin’s rise has expanded to include smaller cryptocurrencies, such as Dogecoin

Posted: December 5, 2023 at 4:44 PM ET

Bitcoin traded Tuesday at its highest level since April 2022, as the rally helped fuel gains for smaller cryptocurrencies.

Bitcoin, the largest cryptocurrency BTCUSD by market cap, rose more than 4.2% over the past 24 hours to briefly surpass $44,000 on Tuesday, according to CoinDesk data. It has risen by 13.4% over the past seven days, and by 157% since the beginning of the year until now. The cryptocurrency is still down more than 35% from its 2021 peak.

ether…

Bitcoin traded Tuesday at its highest level since April 2022, as the rally helped fuel gains for smaller cryptocurrencies.

Bitcoin, the largest cryptocurrency

Bitcoin against the dollar

In terms of market capitalization, it rose more than 4.2% over the past 24 hours to briefly surpass $44,000 on Tuesday, according to CoinDesk data. It has risen by 13.4% over the past seven days, and by 157% since the beginning of the year until now. The cryptocurrency is still down more than 35% from its 2021 peak.

ether

ETH/USD

It rose 1.9% over the past 24 hours to briefly trade above $2,300 on Tuesday, its highest level since May 2022. The cryptocurrency is up 1.9% in the past 24 hours and is up 10.5% over the past seven days.

But smaller tokens have also seen a rise in prices and an increase in trading activity. The market share of trading volume for “altcoins,” or cryptocurrencies other than bitcoin and ether, jumped to 67% last week, the highest level since March 2022, according to analysts at Kaiko Research.

See also  The Department of Justice wants to exclude FTX founder's expert witnesses from testifying

That’s because “traders continued to shift to riskier assets amid the ongoing rally,” analysts wrote in a note on Monday.

XRP

XRPUSD

The coin has risen 1.7% over the past seven days to around $0.62, though it has fallen 0.2% over the past 24 hours, according to CoinDesk data. Solana

SolUSD

The price of gold rose by 5.7% over the past seven days to around $61 on Tuesday, while recording a decline of 0.9% over the past 24 hours. Cardano

ADAUSD

It rose 4.6% over the past 24 hours to around $0.42, contributing to an 8% gain over the past seven days.

Binance Coin is down 0.3% over the past 24 hours and is unchanged from seven days ago, after Binance co-founder Changpeng Zhao pleaded guilty in November to a criminal charge of violating the US Bank Secrecy Act and agreed to step down as chairman of the bank. Binance. a company. Binance was also fined $4.3 billion.

However, the tokens rose with Dogecoin

DojiUSD

It has risen by 4.9% over the past 24 hours and by 14% over the past seven days to around $0.09. Shiba Inu

Sheepwsed

It has risen 12.4% over the past seven days, rising 4% over the past 24 hours to around $0.000009.

Optimism over regulatory approval for bitcoin exchange-traded funds has contributed to a strong rally in bitcoin this fall, but so has expectations of interest rate cuts next year by the Federal Reserve, even through the cryptocurrency industry, which has been hit by a series of high-profile scandals.

is reading: Binance CEO Admits Guilt, Steps Down, But Crypto Bulls Still See Another Black Eye for the Industry

See also  Oracle stock falls due to loss of quarterly profit

Leave a Reply

Your email address will not be published. Required fields are marked *