Bitcoin Approaches $41k As The Crypto Market Begins December With A Rally

TL;DR

• The cryptocurrency market has been performing well since the start of the month, with most coins and tokens currently in the green zone.

• Bitcoin is currently trading above $40,750 and could soon break past the $41k level.

Bitcoin Eyes $41k After 3% Rally On Sunday

Bitcoin, the world’s leading cryptocurrency by market cap, is having an excellent start to the month. It is up by more than 3% over the last 24 hours and is currently trading above $40,750 per coin.

The rally comes as the broader cryptocurrency market recorded excellent gains. Year-to-date, BTC has added 140% to its value, outperforming other major global assets.

BTC began 2023 trading just above $16k per coin, with the bear market in full swing at that point. However, bulls have taken control of the market since then and have added more than 140% to Bitcoin’s value over the last eleven months.

The spot Bitcoin ETF hopes continues to be the major driving force of the current rally. Market experts like Matrixport, a cryptocurrency financial services platform, estimate that Bitcoin could reach a new all-time high of around $125k in 2024. 

Thanks to the latest rally, the total cryptocurrency market cap has increased by 2.78% in the last 24 hours and currently stands at $1.52 trillion. The total cryptocurrency market cap is still down by 50% from the all-time high recorded in 2021. 

Terra Classic (LUNC) and Ordi (ORDI) are the two best performers amongst the top 100 cryptocurrencies by market cap, adding 38% and 31% to their values respectively over the last 24 hours. 

Terra (LUNA), BEAM, SEI, and FTX Token (FTT), are others that have added more than 10% to their values over the past couple of hours.