According to CoinMarketCap data, Bitcoin had another strong week. Bitcoin continues to rise increasing more than 15% to around $44,000 during a seven-day period. Ethereum, the second largest cryptocurrency by market capitalization, increased by more than 15% during that time period, to around $2,300.
In general, the total crypto market cap has steadily increased 14% in the last week. It’s been rising from around $1.4 trillion to $1.6 trillion as more capital enters the crypto market. As Bitcoin rises, it joins the top ten list of “top assets by market cap” worldwide. According to CompaniesMarketCap data, Bitcoin ranked ninth. It’s trailing stocks such as Nvidia, Amazon, Google, Saudi Aramco, Microsoft, Apple, and precious metals such as gold and silver.
Why is Bitcoin reaching $44,000, and what will happen next?
Bitcoin’s meteoric rise to $44,000 is the result of roughly 25% gains in the previous week. According to CoinMarketCap data, the grandfather of all cryptocurrencies had an even more profitable 2023, rising 158% from its year-ago levels.
Given how long the crypto world has been in a slump, what is driving Bitcoin’s price rise and similar value gains among other tokens? Can the good vibes last into the new year? “The main impetus for the bitcoin price rise appears to be the upcoming approval of the [spot] bitcoin ETF and the additional capital flows that will follow after the ETF is live,” said Tegan Kline, CEO of Edge & Node, a company behind a protocol for organising blockchain data.
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The increasing popularity and value of Bitcoin continue to entice investors.
With a market cap of $854 billion, Bitcoin has re-entered the top ten list of global assets, trailing notable companies such as Nvidia, Amazon, and Google, as well as precious metals such as gold and silver. Bitcoin continues to rise and its growing popularity and value continue to attract investors and solidify its market position. Block, a leading cryptocurrency platform, has announced the release of its much-anticipated Bitkey hardware wallet.
This innovative wallet, which is available in 95 countries, provides enhanced security and convenience for users to securely store their digital assets. With the growing demand for secure storage solutions, Block’s hardware wallet is poised to make waves in the cryptocurrency community.
Bitcoin continues climbing, Block releases hardware wallet, Robinhood expands to EU and VCs may see some relief soon https://t.co/S0CbK0sdKK by @jacqmelinek
— TechCrunch (@TechCrunch) December 7, 2023
