Bitcoin lets rip
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 4th December 2023.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.
What’s up
BTC Races Past Barriers Like A Currency On Fire
Sunday morning dawned with Bitcoin stepping lively toward $39,500. Surely, it seemed the largest crypto would make the jump above $40K in time for the weekly close, which it did. And then some – BTC became the Energizer Bunny, going, and going, beyond $41K, then above $42K, in just a few frantic hours before finally retracing earlier this morning.
As of 8 a.m. (EST), BTC sat perched near $41,700, leaving behind a trail of chastened short sellers, their perpetual futures accounts' emulsified. All told, some $166 million in shorts were liquidated over the course of BTC's Sunday-Monday drive, Decrypt said.
The rally appears to have been ignited by renewed optimism about a coming new era marked by lower interest rates and spot market ETFs.
BTC has gained 6% in the past 24 hours.
One year ago, after FTX collapsed, BTC was barely $17,000.
What's down
Monday's Fireworks Show Includes Couple Of Duds
When we checked BTC again at 9:30 a.m. (EST) it was closer to $41,600 than to $41,700. It had been as high as $42,200, earlier this morning.
Crypto’s lead bannerman going bonkers helped lift the total market cap of all cryptos to $1.61 trillion. That represents a gain of about 4% in the past 24 hours.
BTC followers appear to be gorging on news reports about some select money managers engaging in meetings with regulators, giving rise to the perception that, indeed, the odds of spot ETF approvals deserve to be at 90%, as Bloomberg analysts estimate.
The second-largest crypto, Ethereum, meanwhile, can’t escape our attention. ETH hit $2,250. This mark hasn’t been recorded since May of 2022.
At the same time, we can't help but notice that the fifth-largest crypto, XRP, and the sixth-largest, Solana, each are in the red over the past day.
A check on SOL as of 9:32 a.m. (EST) revealed it crouched near $60.50 on a decline of 4.6% since this time yesterday.
What's next
After Record-Setting Week, Ordinals Outlook Remains Robust
A swift, fantastic voyage to levels not seen since spring of 2022 left us daydreaming of the days when Terra was still a vibrant ecosystem fueled by a groundbreaking, decentralized stablecoin. That all seems like forever ago.
Still, Terra's rebooted network, and also the rebranded original network, Terra Luna Classic, each rank among the crypto sector’s biggest movers at this moment.
The latter, LUNC, has surged 30% in 24 hours to $0.00025110. LUNC has more than doubled in seven days, leaning into its boulder-uphill-push assignment that involves being saddled with a gigantic circulating supply and a woefully under-pegged dollar-based stablecoin.
Terra 2.0 trudged onward sans stablecoin. In the past 24 hours, LUNA has gained 23% to reach $1.07.
Another wild romping digital asset from which we can't look away is ORDI. Early Monday, as Bitcoin raced past the $42,000 mark, the Bitcoin Ordinals "BRC-20" token sprinted to $44, an all-time high. That price level reflects a 118% gain in the past week.
"Analysts are bullish on BTC going into next year, and with this outlook comes the possibility that ORDI could go on a vertical hike, too," CoinJournal said, pointing to the bustling pace of inscriptions within the Ordinals protocol.
