Bitcoin Surpasses $37,000, Driving Global Cryptocurrency Market Cap to $1.41 Trillion

Bitcoin Surpasses $37,000, Driving Global Cryptocurrency Market Cap to $1.41 Trillion
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With a $1.41 trillion market capitalization, the global cryptocurrency market continued to grow today.

For the first time since May 2022, the price of the most popular digital currency, Bitcoin, exceeded $37,000.

This notable comeback is ascribed to a number of variables, such as the belief of FTX creator Sam Bankman-Fried and the excitement surrounding possible Bitcoin ETFs.

Bitcoin Surpasses $37,000, Driving Global Cryptocurrency Market Cap to $1.41 Trillion

Bitcoin was up 0.16 percent in the last 24 hours to trade at $37,032.91. Ethereum’s price has slightly declined by 0.31 percent to $2,045.40, although overall market sentiment is still positive.

Other well-known cryptocurrencies performed differently.

Litecoin increased by 0.23 percent to $74.52, while Dogecoin dropped by 0.41 percent to $0.07759. The price of Solana increased by 0.60 percent to $57.58.

The 0x Protocol (ZRX) token, THORChain (RUNE), Avalanche (AVAX), Celestia (TIA), and Huobi Token (HT) were among the top gainers of the previous day. Conversely, a number of other tokens, like FTX Token (FTT), saw decreases.

Mudrex co-founder and CEO Edul Patel commented on Bitcoin’s consistent weekend performance above $37,000 and its four weeks of increases.

In addition, he emphasized Ethereum’s strong weekly gains and ability to hold above the $2,000 mark, which were supported by Blackrock‘s (NYSE:BLK) spot ETF filing.

Major digital assets in the cryptocurrency space, such as Bitcoin and Ethereum, suffered a decline in price today.

As of right now, Bitcoin is trading at $36,933 and holds a 51.20% market share. Bitcoin trade volume increased little to $13.04 billion.

With Bitcoin’s latest 40% spike keeping it above $37,000 for four weeks running, investors are keeping a tight eye on the cryptocurrency and forecasting further gains through 2024.

The way Ethereum has performed also points to increased trust in smart contract platforms in the wake of encouraging announcements like Blackrock’s ETF filing.

While strong support levels at $36k and $32k are being watched closely, market participants are thinking about possible profit-booking scenarios as resistance is expected at the psychological threshold of $40k for Bitcoin.

This follows Bitcoin’s surge to $37,972 following its breakout from its prior range of $25k–$28.5k.

Alongside these trends, the increase in cryptocurrencies is raising anticipation among investors and market watchers for an impending altcoin season.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial or investment advice. Always conduct your research before making any financial decisions.

Bitcoin Surpasses $37,000, Driving Global Cryptocurrency Market Cap to $1.41 Trillion

Techno Tropics

Techno Tropics is a passionate tech enthusiast and the voice behind it, a leading source for daily updates on AI, big data, analytics, and cryptocurrency. Stay tuned for the latest tech news and insightful analysis.
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