Crypto price rally persists in the market

  • December 10, 2023
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Traders observed rising market volatility over the weekend as the latest crypto price rally helped BTC and other altcoins trade in a higher range.

The weekend saw a strong crypto price rally as Bitcoin moved over $44,000 with rising market volatility. BTC saw its on December 8 and rallied above $44,000 on the same day. Its momentum cooled down over the next 24 hours, and it is trading just below the mark. Analysts have predicted the $45,000 target for BTC in the upcoming week with better sentiments around the market.

Other altcoins also witnessed high weekly returns in the past week. Cardano and Avalanche saw around 50% seven-day returns. On the other hand, ETH, BNB, XRP, Polkadot, and Polygon also moved on a higher trajectory. As BTC and ETH account for most of the crypto market, their rallies have pushed up the crypto market cap. Meanwhile, the altcoins rally could suggest crypto has emerged as a preferred asset class.

Besides, Bitcoin’s dominance was consistently above 50% in the market in December. The $50,000 target could see the day in 2023 if it continues its present run. Moreover, the spot crypto ETFs and the SEC in the US have also made headlines in the last few days. The SEC is reportedly meeting asset managers to discuss details of the spot ETFs.

BTC/USD 1D price chart

Bitcoin is currently trading at around $43,900 on December 10, 2023, with BTC/USD trading lower by a margin of 0.9% in the last 24 hours. Bitcoin’s market cap was trading at around $859 billion.

BTC/USD is trading higher than its 20-day EMA (38,802.43), as BTC’s 24-hour volume was at around $16 billion. The crypto market cap decreased by around 0.69%, trading above $1.64 trillion. BTC’s year-to-date returns are above 167.86%, indicating a bullish resurgence.

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