Crypto Market Rebounds: Bitcoin and Ethereum Lead Gains

Crypto Market Surges with a Valuation of $1.61 Trillion as Bitcoin and Ethereum Lead Gains

As of December 19, the crypto market boasts a valuation of $1.61 trillion, signaling a resurgence in the overall market.

Bitcoin, the pioneer cryptocurrency, experienced a notable 4.75% surge in the last 24 hours, reaching $42,072 (approx. Rs. 35 lakh).

This jump of $1,077 (approx. Rs. 89,524) comes after a recent period of corrections.

Ether, following Bitcoin's lead, recorded a 3.15% increase, currently trading at $2,235 (approx. Rs. 1.85 lakh).

Over the last day, ETH saw a rise of $65 (approx. Rs. 5,403). The positive momentum is attributed to Galaxy Digital's commitment to revive struggling crypto projects, notably FTX.

Several major cryptocurrencies, including Binance Coin, Ripple, Solana, and Cardano, witnessed substantial gains.

The overall crypto market cap rose by 3.91% to reach $1.61 trillion (approx. Rs. 133,95,111 crore) in the last 24 hours, according to CoinMarketCap.

Market analysts point to an imminent bull run and heightened anticipation surrounding the Bitcoin ETF as key factors sustaining positive trader sentiments and boosting digital asset prices. Shivam Thakral, CEO of BuyUcoin, notes,

"Crypto heavyweights continue to ride the ETF approval wave, and growing optimism around the potential of digital assets."

While most cryptocurrencies flourished, a few, including Qtum, SushiSwap, Braintrust, Ardor, and Underdog, recorded minor losses. Notably, Solana led the altcoin rally with a surge of over seven percent in 24 hours.

In related news, following Binance and CZ's guilty plea to violating US anti-money laundering guidelines, a federal judge has approved the settlement between the Commodity Futures Trading Commission (CFTC) and Binance.

Gearlogy (GY Media Group) provides insights, not financial advice.