As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed the ebb and flow of countless trends, from the dot-com bubble to the 2008 global financial crisis. Today, I find myself intrigued by the resilience and potential of Bitcoin and Ethereum, two pioneers in the world of cryptocurrencies.
Today, Bitcoin bounced back to reach approximately $98,000 following a dip to its lowest weekly level. Multiple predictions now aim for it to hit the $100,000 milestone.
In simpler terms, over the past week, Bitcoin (BTC), the global leader among cryptocurrencies in terms of market value, increased by approximately 3% to reach $98,436. This rise occurred after it dipped below its weekly average of $93,913 on Tuesday.
The sentiment regarding South Korea’s martial law reached an all-time low, however, the token saw a slight recovery just a few hours afterwards once President Yoon Sul-Yeol rescinded the order.
As an analyst, I’m sharing that my analysis indicates a positive shift in the market with the news of Donald Trump nominating Paul Atkins, a former Securities and Exchange Commission (SEC) Commissioner, to head key institutions. Known for his pro-cryptocurrency stance, this decision has garnered support from industry figures like Ripple‘s Brad Garlinghouse and Congressman Tom Emmer, reflecting optimism in the digital currency sector.
Jerome Powell, the Chairman of the Federal Reserve, recognized Bitcoin as a potential competitor to gold. This insight suggests that Bitcoin is often perceived as a type of investment classified as a “safe haven” asset.
Ethereum follows Bitcoin’s target movement
On December 5th, as per CoinMarketCap’s data, Bitcoin’s dominance dropped by nearly 5% to 54%. This level was last observed in July. In contrast, Ethereum and other cryptocurrencies saw an increase – Ethereum rose to 12.9%, while Altcoins collectively increased to 32.6%. This suggests that Altcoins may have potential for further growth.
On a day of active trading, Ethereum (ETH) saw a 5.21% surge and reached a value of $3,813. This globally recognized blockchain token is aiming for its next price milestone at $4,000 and could potentially reach an all-time high of $4,891 – a level last seen three years ago.
Despite the fact that individual leading cryptocurrencies haven’t shown significant growth so far, the overall market value of cryptocurrencies is increasing by 1.87%, amounting to a total of approximately $3.58 trillion.
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2024-12-05 04:00