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

On the 3rd of December, 2023, the cryptocurrency landscape witnessed a positive trajectory, with an overall market surge of 1.91%, propelling its total valuation to an impressive $1.48 trillion.

Bitcoin Hits 19 Month High, Soaring Beyond $39k In Sunday Crypto Market Rally_65d5cbe016eff.webp

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.

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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.

Related: MicroStrategy Acquires Significant Bitcoin Holdings, Michael Saylor Dubbed a Legend

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.

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