Bitcoin rally extends to smaller cryptocurrencies like Dogecoin – MarketWatch

Published: December 5, 2023 at 4:44 pm ET

Bitcoin traded at its highest level since April 2022 on Tuesday, with the rally helping to fuel gains for smaller cryptocurrencies.

According to data from CoinDesk, Bitcoin, the largest cryptocurrency by market capitalization BTCUSD, has risen over 4.2% in the last 24 hours to briefly exceed $44,000. It has risen 13.4% in the last seven days and 157% year-to-date. The cryptocurrency is still over 35% below its 2021 peak.

Ether…

Bitcoin traded at its highest level since April 2022 on Tuesday, with the rally helping to fuel gains for smaller cryptocurrencies.

According to data from CoinDesk, Bitcoin, the largest cryptocurrency by market capitalization BTCUSD, has risen over 4.2% in the last 24 hours to briefly exceed $44,000. It has risen 13.4% in the last seven days and 157% year-to-date. The cryptocurrency is still over 35% below its 2021 peak.

Ether ETHUSD is up 1.9% in the last 24 hours and briefly traded above $2,300 on Tuesday, its highest level since May 2022. The cryptocurrency rose 1.9% in the last 24 hours and in the last seven days by 10.5%.

But smaller tokens also saw price increases and increased trading activity. According to analysts at Kaiko Research, the trading volume market share for “altcoins,” cryptocurrencies other than Bitcoin and Ether, rose to 67% last week, the highest level since March 2022.

That’s because “traders continued to shift into riskier assets during an ongoing rally,” analysts wrote in a note on Monday.

According to CoinDesk data, XRP Solana SOLUSD rose 5.7% in the last seven days to around $61 on Tuesday, while it registered a decline of 0.9% in the last 24 hours. Cardano ADAUSD rose 4.6% in the last 24 hours to around $0.42, adding to an 8% increase in the last seven days.

Binance Coin fell 0.3% in the last 24 hours, unchanged from seven days ago, after Binance co-founder Changpeng Zhao pleaded guilty in November to violating the U.S. Bank Secrecy Act and prepared to declared to resign as head of the bank company. Binance was also fined $4.3 billion.

Still, the meme tokens rose, with Dogecoin DOGEUSD gaining 4.9% in the last 24 hours and 14% in the last seven days to around $0.09. Shiba Inu SHIBUSD gained 12.4% in the last seven days and 4% in the last 24 hours to around $0.000009.

Optimism over regulatory approval of Bitcoin ETFs has contributed to a strong rally in Bitcoin this fall, but expectations of interest rate cuts from the Federal Reserve next year have also contributed, even as the crypto industry has been hit by a series of high-profile scandals became.

Read: Binance boss pleads guilty and resigns, but crypto bulls still see promise for another black eye for the industry


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