The first cryptocurrency has again shown solid growth, breaking through the $43,500 level.
The chart below shows that the uptrend is accompanied by a surge in trading volumes:
At the time of writing, digital gold is trading around $43,700.
“As usual,” the Bitcoin rally has revived a broader market. However, none of the top-10 altcoins has yet outpaced the flagship in terms of growth:
According to CoinGlass, positions liquidated over the past 24 hours amount to $233.63 million, of which shorts account for more than $150 million.
A user going by the handle Titan of Crypto outlined the expected Bitcoin price targets for the coming weeks — $48,800 and $50,900.
#Bitcoin $43,200 IMMINENT ! ??
Next weekly targets are in the chart ?:
◽️$43.2k
◽️$48.8k
◽️$50.9k pic.twitter.com/rppExCWNzg— Titan of Crypto (@Washigorira) December 5, 2023
Michaël van de Poppe, founder of MN Trading, expressed confidence in reaching the $50,500 level before halving, expected in April 2024.
#Bitcoin is on his way to reach the $48.5-50.5K marker pre-halving.
It has always done this in the previous cycles, seems likely we’ll see that again here.
As long as it stays above $39K, then it’s great vibes.
Chances of Bitcoin reaching $30K are getting very slim. pic.twitter.com/BMqyK6bA0u
— Michaël van de Poppe (@CryptoMichNL) December 5, 2023
According to analyst Rekt Capital, the current progress of the bull market stands at only 28.6%.
#BTC Bull Market Progress:
▓▓░░░░░░░░ 28.6%$BTC #Crypto #Bitcoin pic.twitter.com/54DJ05Ud4E
— Rekt Capital (@rektcapital) December 5, 2023
The total market capitalization of cryptocurrencies stands at $1.65 trillion. Bitcoin dominance index is 51.3%.
Earlier ForkLog experts shared their views on the reasons for the current rally in digital gold.