Bitcoin had previously reached $38,000 a week ago, marking its highest price in 18 months.
Key Takeaways
- Crypto markets experienced a significant boost, adding $60 billion in market capitalization as Bitcoin surged by $3,000 to challenge the $38,000 level.
- Bitcoin had reached $38,000 a week ago but faced a rapid decline afterward. It maintained levels above $37,000 for several days before dropping to a weekly low of $35,000.
- Despite the bearish pressure, Bitcoin bounced off the support level and surged by $3,000 in less than a day, once again approaching the $38,000 mark.
- Bitcoin’s market capitalization increased by approximately $30 billion, reaching just over $730 billion on CoinMarketCap.
Crypto Market Surges
Crypto markets witnessed a substantial increase of $60 billion in market capitalization as Bitcoin surged by $3,000 to approach the $38,000 level.
Crypto Markets Add $60 Billion Daily as Bitcoin Soared by $3K to $38K (Market Watch)https://t.co/sj2MnfpgiG
— shanki (@jobnews41) November 16, 2023
Bitcoin had reached $38,000 a week ago but experienced a rapid decline, briefly dropping by over $2,000. It later maintained levels above $37,000 before dropping to a weekly low of $35,000.
Despite facing bearish pressure, Bitcoin bounced off the support level and quickly added $3,000 in less than a day, once again challenging the $38,000 mark.
Market Capitalization Increase
Bitcoin’s surge resulted in an increase of approximately $30 billion in its market capitalization, reaching just over $730 billion on CoinMarketCap.
Altcoins also turned green during this period, with Ethereum surpassing $2,000 and Binance Coin trading above $250.
Several altcoins experienced notable price surges, including Solana (11%), Cardano (9%), Dogecoin (6%), Polkadot (8%), Toncoin (8%), and Uniswap (5.5%).
To Conclude
Bitcoin had previously reached $38,000 a week ago, marking its highest price in 18 months. However, the cryptocurrency faced a bearish response, leading to a quick drop of over $2,000 in a matter of minutes.
