Bitcoin zips previous $41,000 amid never-ending ETF optimism

Bitcoin’s (BTC) value zipped previous $41,000 for the primary time within the final 19 months earlier in the present day, Dec. 4, fueled by the never-ending optimism surrounding a attainable spot exchange-traded fund (ETF) approval within the U.S.

The highest digital asset gained greater than 5% over the last 24 hours to commerce at $41,448 as of press time, persevering with an upward value motion that emerged over the weekend, in accordance with CryptoSlate’s knowledge.

Information from Coinglass exhibits that BTC’s value motion liquidated greater than $70 million from brief merchants through the reporting interval, with the only largest liquidation occurring on Bitmex, valued at $6.01 million.

BTC’s rally follows a latest revelation that the Securities and Change Fee (SEC) met with a number of asset managers, together with Grayscale, BlackRock, and others, in the direction of the top of November relating to their proposed spot Bitcoin ETFs.

In the meantime, the worth enhance has made BTC one of many world’s high 10 property by market capitalization, forward of Warren Buffet’s Berkshire Hathaway and Elon Musk’s electrical automobile maker Tesla. Nevertheless, it stays a number of billion behind social media behemoth Meta, in accordance with knowledge from CompaniesMarketCap.

BTC’s market capitalization stands at $811.89 billion as of press time, in accordance with CryptoSlate’s knowledge.

Ethereum, others surge.

BTC’s upward motion additionally lifted the worth of a number of various cryptocurrencies, together with Ethereum, Solana, and Cardano, which posted vital good points through the reporting interval.

ETH, the second-largest digital asset by market cap, elevated by greater than 4% to interrupt $2,200 for the primary time since Could 2022. Its ascent is also attributed to the optimism surrounding the spot Ethereum ETF purposes filed by a number of conventional monetary giants, together with BlackRock.

However, Solana continues its year-long optimistic momentum, breaching the $65 mark through the weekend earlier than mildly retreating to $64 as of press time, in accordance with CryptoSlate’s knowledge.

Others like Cardano, Dogecoin, BNB, and XRP noticed greater than 2% good points through the reporting interval. Notably, Terra-related cash—Terra Basic and Terra Luna– are amongst CryptoSlate’s high gainers record in the present day.

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