Bitcoin price moved closer to $39,000 for the first time in over a year in a latest bullish in cryptocurrency market. The rally comes as traders’ bullish bias for Bitcoin produced the best November performance since 2020.
After traders digested the Binance settlement, the hype around the markets’ belief that a spot BTC exchange-traded fund (ETF) would be approved and bring significant cash inflows to Bitcoin, pushing prices across the crypto market higher.
Most major digital assets rose Friday, in sync with US equity indices, which climbed as investors assessed the latest comments by Federal Reserve Chair Jerome Powell.
The CoinDesk Market Index, which tracks 185 digital assets, was up 2.5% in the past 24 hours, while the Nasdaq 100,
Bitcoin (BTC/USD), the largest cryptocurrency by market value, rose 2.9% in the past 24 hours to $38,830, having reached a day high of $38,954, according to CoinMarketCap data. Trading volume was $23.5 billion, up 27.8%.
The most popular cryptocurrency is on pace to conclude the week with a gain of more than 2%.
Ethereum (ETH/USD), the second-largest digital asset, was trading 2.5% higher at $2,095 and headed for a weekly gain of 0.2%.
BNB (BNB/USD), the third-largest digital asset by market value excluding stablecoins, gained 0.6% and XRP (XRP/USD), the fourth-largest, was up 1.1%.
Solana (SOL/USD) climbed 0.9%, Cardano (ADA/USD) added 2.6%, while Dogecoin (DOGE/USD) was down 0.3%.
Powell said Friday it would be too early to “speculate” when interest-rate cuts may begin while the central bank’s monetary policy committee is ready to raise rates further, if needed.
The total market value of the cryptocurrency industry was up 2.3% over the last 24 hours at $1.45 trillion. The total trading volumes increased 16.9% to $50.74 billion.
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