BTC exchange rate approaches the $39 000 mark for the first time since last May

The capitalization of the crypto market has grown by $400 billion in two months

01.12.2023 - 15:15

360

2 min

What’s new? On December 1, the bitcoin exchange rate on Binance climbed to $38 833, the highest level since last May. The total capitalization of the crypto market also rose to a 19-month high, adding almost $400 billion since early October and exceeding $1,5 trillion at the time of writing. The sector’s growth comes amid expectations of approval of spot bitcoin exchange-traded funds (ETFs) in the United States. According to on-chain data, a significant amount of the asset is moving to cold wallets: investors are likely choosing to hold the asset in anticipation of further value growth.

CoinDesk’s material

What else is known? A day earlier, the company developer of analytical software MicroStrategy reported another increase in bitcoin investments. Among public companies, it is the largest holder of the first cryptocurrency. In the fourth quarter, it bought another 16 130 coins, bringing the total accumulation to 174 530 BTC. At the current exchange rate, bitcoins in the company’s accounts are valued at $6,7 billion, with an average purchase price of $30 252 per coin. Thus, its unrealized profit is $1,42 billion.

Experts of the analytical company Santiment note that following bitcoin, other cryptocurrencies, including MATIC and AVAX, began to grow. In addition, the mention of altcoins in current discussions in social networks is higher than that of BTC, which may indicate the tendency of traders to greed.

Source: Twitter.com

In turn, the Crypto Market Fear & Greed Index (F&G) is at 71/100. This is not the highest mark recorded in recent days, but it also indicates that a significant portion of traders prefer to buy assets.

Author: