Bitcoin Hits 19-Month High, Soaring Beyond $39K in Sunday Crypto Market Rally

Noteworthy in this surge was Bitcoin, which reached a pinnacle of $39,705 during the day, attaining its highest value since the closing days of April 2022.

During the Saturday rally, the cryptocurrency market exhibited a robust climb of nearly 2%, culminating in the aforementioned $1.48 trillion valuation. Bitcoin (BTC) demonstrated a 1.59% increase against the U.S. dollar, while Ethereum (ETH) experienced a commendable 3.58% uptick in the same 24-hour period. Other notable performers included Solana (SOL), registering a substantial 7% uptick, and Dogecoin (DOGE), which surged by an impressive 9.11% against the dollar.

Bitcoin soared to an impressive peak of $39,705, paralleled by Ethereum’s ascent to $2,195 per token. Solana advanced to $63.31 on Saturday, and Dogecoin ascended to $0.08612 per coin. Simultaneously, cryptocurrencies such as BLUR, RUNE, TIA, IOTA, and ORDI experienced substantial growth, with gains ranging between 11.3% and 54.9%, securing significant double-digit increases over the weekend. Furthermore, PYTH, THETA, XRD, and WEMIX also reported noteworthy upticks in their values.

However, despite the positive market momentum, the global trading volume over the 24-hour period on Saturday contracted to approximately $49.94 billion, indicating a 7% decline from Friday’s figures. Tether emerged as the dominant force with a global trade volume of $29.42 billion, while BTC recorded a trade volume of $14.52 billion. Current data reveals that BTC’s market dominance stabilizes around 52% this weekend, with ETH claiming a 17.5% share.

On the sentiment front, the crypto fear and greed index (CFGI) notched a score of 74 on Saturday, signaling a prevailing state of “greed.” This sentiment has remained consistent since yesterday and throughout the past week. Following BTC’s impressive surge to $39,705, a noteworthy portion of the day’s liquidations unfolded in the last four hours, totaling $71 million out of $101 million in liquidated shorts. Over the past 24 hours, as of the current writing, a total of $122.48 million in both long and short positions have been wiped out.