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Bitcoin Tops $39K: Hits 19-Month High Amidst Saturday’s Crypto Market Wave

The Glory of Bitcoin: Reaching a Heights of $39K After 19 Months

In a grand move on December 2, 2023, the crypto market showcased a positive trend, growing 1.91% to secure a total market cap of $1.48 trillion. The star of the day was the king of cryptocurrencies, bitcoin, which surged to the peak of $39,705, its highest position since the end of April 2022.

The 2% Leap of the Crypto Economy – Scaling to a Valuation of $1.48 Trillion

On this Saturday, the entire crypto market witnessed a significant surge, with a rough increase of 2% in a day. Bitcoin took a hike of 1.59% against the U.S. dollar. In the same duration, ethereum took an ascent of 3.58%. Other crypto performers included solana (SOL) with a 7% surge, and dogecoin (DOGE) climbing up by 9.11% against the dollar.

Bitcoin soared to the zenith of $39,705, with ethereum escalating to $2,195 per coin. SOL progressed to $63.31 on this day, and DOGE ascended to $0.08612 per coin. In conjunction with this rally, BLUR, RUNE, TIA, IOTA, and ORDI saw considerable upward movement, with an increase spread between 11.3% and 54.9%, seizing prominent double-digit gains during the weekend. Likewise, PYTH, THETA, XRD, and WEMIX have reported remarkable improvements.

However, the global volume of trade in 24 hours on Saturday was around $49.94 billion, which marks a 7% fall from the previous day’s statistics. Tether topped in the global trade with a volume of $29.42 billion with bitcoin’s trade volume reaching $14.52 billion. The current data suggest bitcoin’s market dominance at about 52% this weekend, with ethereum’s dominance at around 17.5%.

The crypto fear and greed index (CFGI) on this day recorded a score of 74, reflecting the sentiment of “greed”. This mood has been stable since yesterday and throughout the preceding week. Post bitcoin’s hike to $39,705, a significant section of the day’s liquidations took place in the past four hours, adding up to $71 million out of $101 million in liquidated short positions. In the past 24 hours, as of this writing, a total of $122.48 million in both long and short positions have been wiped out.

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Frequently asked Questions

1. What caused Bitcoin to reach a 19-month high of over $39,000?

Answer: The surge in Bitcoin’s price to a 19-month high of over $39,000 was primarily driven by a wave of positive sentiment in the cryptocurrency market on Saturday. This surge was fueled by a combination of factors, including increased institutional adoption, positive regulatory developments, and growing interest from retail investors.

2. How does Bitcoin’s current price compare to its previous highs?

Answer: Bitcoin’s price of over $39,000 represents a significant milestone for the cryptocurrency, surpassing its previous all-time high of around $20,000 reached in late 2017. This demonstrates a remarkable growth of the digital asset over the past 19 months and signals renewed market confidence in Bitcoin’s potential.

3. What role did institutional adoption play in Bitcoin’s recent price surge?

Answer: Institutional adoption played a crucial role in the recent surge of Bitcoin’s price. Many large financial institutions, including prominent hedge funds and investment firms, have shown increasing interest in Bitcoin as a hedge against inflation and a potential store of value. Their entry into the market has provided further validation and legitimacy to Bitcoin, attracting more investors and pushing its price higher.

4. What regulatory developments contributed to Bitcoin’s price surge?

Answer: Positive regulatory developments also contributed to Bitcoin’s price surge. This includes regulatory clarity and advancements in cryptocurrency regulations in various countries, such as the United States and Switzerland, which have indicated a more favorable environment for cryptocurrencies. These developments have increased investor confidence in Bitcoin’s long-term prospects, leading to the recent price surge.

5. How does the recent surge in Bitcoin’s price impact the overall cryptocurrency market?

Answer: The recent surge in Bitcoin’s price has a significant impact on the overall cryptocurrency market. Bitcoin’s dominance in the market tends to influence the prices of other cryptocurrencies, leading to a positive sentiment across the board. This surge often triggers a “crypto market wave,” where other digital assets experience price increases as investors perceive the market as bullish.

6. What are the potential risks associated with investing in Bitcoin at its current price?

Answer: Investing in Bitcoin at its current price carries certain risks. The cryptocurrency market is known for its volatility, and Bitcoin’s price can experience sharp fluctuations, resulting in potential losses for investors. Additionally, regulatory changes or negative news events can impact the market sentiment, leading to sudden price drops. It is crucial for investors to conduct thorough research, diversify their portfolios, and consider their risk tolerance before investing in Bitcoin.

7. Can Bitcoin sustain its current price level in the long term?

Answer: Sustaining its current price level in the long term will depend on various factors. Bitcoin’s long-term prospects are influenced by its adoption as a mainstream payment method, its ability to address scaling and transaction speed issues, and its acceptance by governments and institutions worldwide. While the recent surge in price is promising, Bitcoin’s future remains uncertain, and investors should carefully monitor market trends and developments to make informed decisions.