Key points to remember
- Bitcoin is trading above $40,000 today.
- The flagship cryptocurrency has been trading in the $30,000 range for almost two weeks.
- Other cryptos, stocks and commodities are also having a strong day.
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Bitcoin broke $40,000, up around 10% on the day. Other cryptocurrencies and asset classes are also showing strength today.
Bitcoin in the green
Bitcoin jumped above $40,000 and is still above it at press time.
Bitcoin is trading at $40,535 at press time, per CoinGecko. BTC has not reached its current levels for two weeks.
Representing more than 41% of the total market capitalization of $1.8 trillion, Bitcoin’s gains exceed 10% today, although it is down more than 42% from its all-time high of nearly $69,000 on November 10 last year.
Other important layer 1 coins like Ethereum and Solana are also up today. The total cryptocurrency market capitalization has gained around $100 billion in the past 24 hours. This comes after a $1.4 trillion wipeout in market value since last November.
Other asset classes are also showing strength today. The US stock market, which has also crashed this year alongside the crypto market, rebounded slightly today, with the tech-heavy Nasdaq up around 0.75% (though still down about 10% so far this year). That’s likely on the back of Amazon, which posted gains of over 12% today. Nevertheless, Meta yesterday lost a historic market capitalization amount of over $250 billion.
Commodities such as oil and gold are also seeing price appreciation today, with the former reaching its highest prices since 2014.
Cryptocurrency-related stocks are also up today, after suffering seriously during the broader price depressions of recent weeks. For example, Coinbase stock is up around 6%, Block over 4% and MicroStrategy over 11%.
Disclosure: At the time of writing this article, the author of this article owned BTC, ETH, and several other cryptocurrencies.
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