Why is crypto market up today?

Although most digital assets have slowed down their gains from the previous weeks, the cryptocurrency market has increased its total value by over 3% today, and the reasons largely trace back to the flagship decentralized finance (DeFi) asset that has reached its new yearly high.

Indeed, the cryptocurrency sector’s total market capitalization currently stands at $1.37 trillion, indicating a 3.008% increase from the $1.33 trillion in the last 24 hours, according to the data retrieved by Finbold from the crypto monitoring platform CoinMarketCap on November 9.

On top of that, thanks to the strong and steady advances of Bitcoin (BTC), which has recently surpassed the psychologically critical $36,500 price level, the total crypto market cap has risen a staggering 72.59% since $793.77 billion, where it stood on January 1, 2023.

Total crypto market cap year-to-date (YTD) chart. Source: CoinMarketCap

What’s happening in crypto

Meanwhile, the maiden crypto asset was at press time changing hands at the price of $36,710 growing 4.01% in the last 24 hours, as well as adding 4% across the previous seven days, advancing as much as 32.63% over the past month, and 121.84% year-to-date (YTD), as the charts indicate.

Bitcoin year-to-date price chart. Source: Finbold
Cryptocurrency

Bitcoin hits new yearly high; What's next for BTC price?

Cryptocurrency

Michael Saylor: 3 catalysts that will take Bitcoin to $5 million

Cryptocurrency

Massive victory for Bitcoin bulls if this critical level holds

Cryptocurrency

It now costs ‘a Big Mac’ to use the Bitcoin Network

Cryptocurrency

3 things to look out for Bitcoin in November

As it happens, one of the reasons behind the wave of bullish sentiment could be the optimism regarding the approval of the first spot Bitcoin exchange-traded fund (ETF) following the news that the United States Securities and Exchange Commission’s (SEC) first window to approve them starts today.

Indeed, there are eight days – between November 9 and November 17 – in which the regulator could approve all 12 spot Bitcoin ETF filings, according to Bloomberg’s ETF analysts James Seyffart and Eric Balchunas, although the experts stressed that this was only a possibility.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Comments

Post a Comment

Popular posts from this blog

Xbox crypto wallet rumors raise hopes: How other tech giants navigate cryptocurrency

Uncover how major tech companies are exploring the cryptocurrency frontier. From patents to partnerships, delve into the unique approaches and initiatives leading the tech-crypto integration narrative. In a significant trend, major tech companies are increasingly getting involved in the world of cryptocurrencies. This growing connection suggests a future where digital currencies could play a pivotal role in our tech interactions. Amid this, the recent revelation about Microsoft’s plans to integrate a crypto wallet into its Xbox platform adds a new layer to this narrative, offering a glimpse into how tech giants might be leaning towards embracing cryptocurrency . Now, let’s explore how other major tech players are venturing into the crypto realm to better understand the overall landscape. Microsoft: a glimpse into the future The leaked documents concerning Microsoft’s ambitious plan to meld Bitcoin wallet s with its popular Xbox gaming platform have sparked exc...
Read more

Racy Beeple SBF artwork becomes his first to enter museum permanent collection

Image
The Castello di Rivoli Museo d’Artte Contemporanea in Italy has made a significant addition to its permanent collection , marking a milestone in the world of digital art. The museum has acquired its first non-fungible token (NFT) artwork , a provocative piece created and donated by the renowned digital artist Beeple. The artwork, named “FTX Board Meeting, Day #5676 11.13.2022 (2023),” is a unique blend of digital and traditional art forms. It exists both as a one-of-a-kind NFT and an oil painting. The piece, rendered in Beeple’s distinctive hyperreal style, imagines a day in the server room of the now-defunct crypto exchange, FTX. Carolyn Christov-Bakargiev, the museum director, expressed her appreciation for Beeple’s work, stating it represents a significant contribution that brings a 21st-century medium into the museum’s collection. The artwork, she noted, combines the digital and physical realms in a compelling way. The piece is not withou...
Read more

Marathon Digital Holdings enhances Bitcoin mining operations

Marathon Digital Holdings reported a production of 1,202 Bitcoins in October, selling 961 to cover costs, with a remaining holding of 13,396 unrestricted BTC as of month-end. Marathon Digital Holdings, Inc., a major player in the Bitcoin mining sector, has shared a snapshot of its performance and ongoing developments for October 2023. In the latest update, the company detailed a slight increase in its energized hash rate, signaling continued growth in its mining capabilities. Fred Thiel, Marathon’s Chairman and CEO, noted a 1% rise in the energized hash rate, now reaching 19.2 exahashes. This advancement is particularly attributed to the progress in the company’s Garden City, Texas facility, which contributed 4.1 exahashes. As this site approaches full operational capacity, Marathon is set to exceed its target of 23 exahashes, aiming to become the largest Bitcoin miner in North America. Marathon’s presence is not just growing in the U.S.; its international ventur...
Read more