Updated December 19th, 2023 at 12:12 IST

Crypto market recovers strongly after weekend dip, Bitcoin surges 4.4%

Immutable (IMX) has surged more than 15% while Solana (SOL) also gained more than 8.6% to reach its highest level since last year.

Reported by: Anirudh Trivedi
Crypto | Image:Republic Business
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Crypto market overview: After a strong correction over the last weekend, the crypto market has registered a strong recovery in the last 24 hours with Bitcoin surging more than 4.4 per cent and ETH gaining close to 3.4 per cent. The overall crypto market capitalisation has also surged by 3.71 per cent since yesterday and currently stands at $1.61 trillion. 

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Other leading gainers in the last 24 hours include Immutable (IMX) which has surged more than 15 per cent while Solana (SOL) also gained more than 8.6 per cent to reach its highest level since last year. 

While talking to Republic Business, CoinSwitch Markets Desk shared their market insights. CoinSwitch said, “After trading in the red for the first time in 9 weeks, BTC started the 10th week hitting early $40,000 support levels but bounced soon to test $43,500. At the same time, BTC has been able to maintain its dominance at 53.5 per cent for the past few days, which is a positive sign for its price action.”

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Giving an overview of the crypto market movement in the last 24 hours, Edul Patel, CEO, Mudrex, said, “Bitcoin faced a brief setback, slipping to $40,500 amid a surge in transaction fees, but swiftly recovered to $43,000, showcasing a resilient 6 per cent surge within 24 hours. The cryptocurrency is on a strong upward trajectory, boasting a 12 per cent gain for the month and an astounding 157 per cent year-to-date increase. Bullish momentum prevails, with resistance at $43,700 and support at $42,800.”

Giving insights into the impact of BlackRock’s revised proposal, Sudeep Saxena, co-founder, CoinGabbar, said, “The crypto market experiences a shift as BlackRock, a prominent global financial institution, enters the cryptocurrency arena through a revised proposal for a spot bitcoin exchange-traded fund (ETF) called IBIT, as per a recent S-1 filing with the Securities and Exchange Commission.”

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Shivam Thakral, CEO of BuyUcoin, said, “The overall crypto market cap surged to the $1.61 trillion mark with Bitcoin and Ethereum leading the effort. At the time of writing Bitcoin was trading above the $43,000 mark while Ethereum was above the $2,200 level. The crypto heavyweights continue to ride the ETF approval wave and growing optimism around the potential of digital assets. In the altcoin space, Solana is leading the rally with a surge of over 7 per cent in 24 hours as the adoption of the Solana blockchain picks pace.”

In other news, a month after Binance and CZ pleaded guilty to violating AML guidelines, a federal judge has now approved the settlement between CFTC and Binance. However, it is yet to be seen whether the Binance ex-CEO CZ will have to face some jail time or not alongside the fine. As markets trade higher, BNB is still holding strong trading close to $250. 

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Published December 19th, 2023 at 12:12 IST