Bitcoin Rally to $42K Fueled by 'Panic Buying,' Pushes Crypto Market Cap Over $1.5T
COINDESK 5:21 PM ET 12/4/2023
Bitcoin hit a fresh yearly high of $42,000, pushing the market capitalization of all cryptocurrencies over $1.5 trillion for the first since May 2022.
Bets on lower interest rates, spot bitcoin ETF anticipation and "panic buying" helped the rally, analysts said.
Bitcoin [BTC] hit a fresh 19-month high above $42,000 Monday, fueled by some "panic buying" as expectations for lower interest rates, looming spot bitcoin ETF decisions and flows into digital asset funds supported rising crypto prices.
The largest crypto asset by market capitalization moved quickly over the weekend after it cleared significant resistance at $38,000, a level that capped prices for the most part of November.
BTC late Monday afternoon was holding right around $42,000, up 5.8% over the past 24 hours.
Smaller tokens lagged behind, with ether [ETH], BNB and ADA gaining 2%-3% during the day, while XRP traded flat. The CoinDesk Market Index [CMI] – which tracks the performance of some 200 cryptos – was up 4.2%.
Bitcoin's rise pushed the total crypto market value to over $1.5 trillion for the first time since May 2022, when Terra's collapse marked the beginning of the crypto winter, TradingView data shows.
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