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Bitcoin Surpasses $39K, Achieving 19-Month Peak in Saturday's Crypto Market Surge

On Saturday, December 2, 2023, the cryptocurrency market exhibited a positive trajectory, advancing by 1.91% to reach a total value of $1.48 trillion. Notably, bitcoin achieved a peak of $39,705 within the day, marking its highest value since late April 2022.

Crypto Economy Climbs Nearly 2% on Saturday, Hits $1.48 Trillion Valuation

The overall cryptocurrency market experienced a surge this Saturday, with an approximate 2% increase over the past day. Bitcoin (BTC) saw a 1.59% rise against the U.S. dollar, while ethereum (ETH) climbed 3.58% in the same 24-hour span. Additionally, solana (SOL) witnessed a 7% uptick, and dogecoin (DOGE) escalated by 9.11% against the dollar.

BTC soared to a peak of $39,705, while ethereum (ETH) escalated to $2,195 per token. SOL advanced to $63.31 on Saturday, and DOGE ascended to $0.08612 per coin. Concurrently, BLUR, RUNE, TIA, IOTA, and ORDI experienced substantial growth, soaring between 11.3% and 54.9%, securing significant double-digit gains over the weekend. Additionally, PYTH, THETA, XRD, and WEMIX also reported noteworthy increases.

Nevertheless, the 24-hour global trading volume on Saturday stood at approximately $49.94 billion, marking a 7% decrease from Friday’s figures. Tether dominated with a global trade volume of $29.42 billion, while BTC’s trade volume reached $14.52 billion. Current statistics indicate that BTC’s market dominance hovers around 52% this weekend, with ETH’s dominance at 17.5%.

The crypto fear and greed index (CFGI) on Saturday registered a score of 74, symbolizing a state of “greed.” This sentiment has been consistent since yesterday and throughout the past week. Following BTC’s surge to $39,705, a significant portion of the day’s liquidations occurred in the past four hours, totaling $71 million out of $101 million in liquidated shorts. In the last 24 hours, as of this writing, a total of $122.48 million in both long and short positions have been eradicated.