Bitcoin surpassed $41,000 amid endless ETF optimism.
Bitcoin (BTC) price topped $41,000 today (December 4) for the first time in 19 months, driven by endless optimism surrounding the possible approval of a U.S. spot exchange-traded fund (ETF).
The top digital asset is up more than 5% in the last 24 hours, trading at $41,448 at press time, continuing the upward trend seen over the weekend. CryptoSlate’s data.
According to data from Coinglass, BTC’s price action resulted in more than $70 million liquidated from short traders during the reporting period, with the highest single liquidation volume at $6.01 million on Bitmex.
BTC’s rally follows recent revelations that the Securities and Exchange Commission (SEC) met with several asset managers, including Grayscale, BlackRock, and others, in late November regarding a proposed spot Bitcoin ETF.
Meanwhile, the price increase has made BTC one of the world’s top 10 assets by market capitalization, surpassing Warren Buffett’s Berkshire Hathaway and Elon Musk’s electric car maker Tesla. But it still lags social media giant Meta by billions of dollars, according to data from CompaniesMarketCap.
BTC’s market capitalization reportedly stands at $811.89 billion at press time. CryptoSlate’s data.
Ethereum and others soar.
BTC’s rise also boosted the value of several alternative cryptocurrencies, including Ethereum, Solana, and Cardano, which recorded significant gains during the reporting period.
ETH, the second-largest digital asset by market capitalization, rose more than 4%, surpassing $2,200 for the first time since May 2022. The rise can also be attributed to the optimism surrounding a spot Ethereum ETF application filed by several traditional financial giants. , including BlackRock.
Solana, on the other hand, is said to be continuing its positive momentum throughout the year, breaking above $65 over the weekend and then falling slightly to $64 as of press time. CryptoSlate’s data.
Other companies such as Cardano, Dogecoin, BNB, and XRP gained more than 2% during the reporting period. In particular, Terra-related coins Terra Classic and Terra Luna are among them. CryptoSlate’s List of today’s top winners.
