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Bitcoin Surpasses $39K, Achieving 19-Month Peak in Saturday’s Crypto Market Surge


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Bitcoin Surpasses $39K, Achieving 19-Month Peak in Saturday's Crypto Market Surge

On Saturday, December 2, 2023, the cryptocurrency market exhibited a positive trajectory, advancing by 1.91% to reach a total value of $1.48 trillion. Notably, bitcoin achieved a peak of $39,705 within the day, marking its highest value since late April 2022.

Crypto Economy Climbs Nearly 2% on Saturday, Hits $1.48 Trillion Valuation

The overall cryptocurrency market experienced a surge this Saturday, with an approximate 2% increase over the past day. Bitcoin (BTC) saw a 1.59% rise against the U.S. dollar, while ethereum (ETH) climbed 3.58% in the same 24-hour span. Additionally, solana (SOL) witnessed a 7% uptick, and dogecoin (DOGE) escalated by 9.11% against the dollar.

Bitcoin chart by TradingView

BTC soared to a peak of $39,705, while ethereum (ETH) escalated to $2,195 per token. SOL advanced to $63.31 on Saturday, and DOGE ascended to $0.08612 per coin. Concurrently, BLUR, RUNE, TIA, IOTA, and ORDI experienced substantial growth, soaring between 11.3% and 54.9%, securing significant double-digit gains over the weekend. Additionally, PYTH, THETA, XRD, and WEMIX also reported noteworthy increases.

Nevertheless, the 24-hour global trading volume on Saturday stood at approximately $49.94 billion, marking a 7% decrease from Friday’s figures. Tether dominated with a global trade volume of $29.42 billion, while BTC’s trade volume reached $14.52 billion. Current statistics indicate that BTC’s market dominance hovers around 52% this weekend, with ETH’s dominance at 17.5%.

The crypto fear and greed index (CFGI) on Saturday registered a score of 74, symbolizing a state of “greed.” This sentiment has been consistent since yesterday and throughout the past week. Following BTC’s surge to $39,705, a significant portion of the day’s liquidations occurred in the past four hours, totaling $71 million out of $101 million in liquidated shorts. In the last 24 hours, as of this writing, a total of $122.48 million in both long and short positions have been eradicated.

What are your thoughts on the latest crypto economy surge? Let us know what you think in the comments section below.

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