ISLAMABAD
The cryptocurrency market turned bullish on Thursday, with the market capitalization gaining 3.1 percent to reach $1.74 trillion.
As of 1230 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, gained 2.9 percent in the last 24 hours to reach $44,104. The market capitalization of the biggest crypto has reached $863.4 billion with this increase. Bitcoin has been 2.1 percent up in the past seven days.
Bitcoin is now trading above $44,000 following renewed buying activity that propelled it beyond $44,700. Increased BTC transactions and the potential approval of a spot BTC ETF are contributing to an optimistic market sentiment. The upcoming resistance is situated at the $44,700 level, with BTC currently experiencing a 35 percent decline from its all-time high. With bulls not ready to take BTC below $40,000, bears are not letting BTC cross $45,000. Historically, December has proven to be a major price action month and it is yet to be seen whether BTC has already made a local top or the bull market has just started to heat up.
One of the hottest investments of the season, Solana is also continuing its rally, with SOL breaching the $87 mark for the first time since May 2022 and became the 4th largest crypto after BTC, ETH and BNB.
Solana price jumped 13.9 percent to reach $87.46. With this increase in price, its market capitalization has reached $37.4 billion. SOL has gained 19.6 percent of its value during the last seven days.
Similarly, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, gained 3 percent to reach $2,273. With this increase in price, the market capitalization of ETH has reached $273.4 billion. ETH has gained 1.1 percent of its value during the last seven days.
On the other hand, Binance Coin (BNB) price surged 5.8 percent to reach $271. The market capitalization of BNB has reached $41.8 billion with this increase. BNB has gained 7.6 percent of its value during the last seven days.
The price of Ripple (XRP) increased by 1.4 percent to reach $0.620. The market capitalization of XRP stands at $33.5 billion with this increase. XRP has gained 2 percent of its value during the last seven days.
Popular altcoins including Litecoin (LTC), Dogecoin (DOGE) and Cardano (ADA) saw minor jumps across the board. The Stacks (STX) token remained the biggest gainer of the lot, with a 24-hour jump of over 23 percent. Internet Computer (ICP) remained the biggest loser as well, with a 24-hour dip of nearly 8 percent.
