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Bitcoin's Huge Surge Pushes Crypto Market Cap to $1.19T, the Highest Since June
Bitcoin’s massive rally has helped get it there, even as the industry faces a regulatory crackdown.
Yazan Lyllah Ledesma
The total market capitalization for all cryptocurrencies has climbed to the highest level since June, helped by bitcoin’s (BTC) massive 70% rally to begin the year.
The rise in overall crypto wealth stands out because it coincides with the industry facing one of the strongest crackdowns in its history. Despite that bleak regulatory outlook, the market cap for digital assets has risen to $1.19 trillion, according to data from CoinMarketCap. The figure stood at about $800 billion at the beginning of 2023.
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Bitcoin’s share of the overall market has risen amid the surge. Its so-called dominance hit a nine-month high of 45.5% last month as the cryptocurrency posted its best quarterly performance in two years and turned into one of the top-performing major assets in the world.
April has historically been a good month for BTC, so there’s precedent for the rally to continue. Bitcoin has gained in six of the past 10 Aprils, returning 17% on average, according to data from Matrixport.
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Bitcoin Jumps to $99K as Spiking Coinbase Premium Points to Strong U.S. Buying
Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
What to know:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
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