Cryptocurrency Market Analysis as of December 5, 2024, 6:41 AM
As of December 5, 2024, the cryptocurrency market is showing significant activity and growth. The total market capitalization reached a new all-time high of $3.5 trillion, recorded on December 2.
Bitcoin (BTC)
Bitcoin continues to hold the leading position in the cryptocurrency market. After the results of the U.S. presidential election on November 6, where Donald Trump emerged victorious, the BTC price began to rise sharply from $68,000, reaching an all-time high of $99,850 on Coinbase by November 23. As of December 5, BTC is trading at $102,823, showing a growth of 7.26% compared to the previous close.
Ethereum (ETH)
Ethereum remains the second-largest cryptocurrency by market capitalization. As of December 5, ETH is trading at $3,867.46, which is 5.27% higher than the previous close. Interest in ETH is growing due to the development of decentralized finance (DeFi) and non-fungible tokens (NFTs).
Other Cryptocurrencies
• XRP: XRP has moved up to the third position by market capitalization, surpassing USDT. In the last month, XRP has risen by 370%, reaching $2.48, its highest value since 2018.
• BNB: The Binance exchange token, BNB, occupies the sixth position with a market capitalization of $92 billion. As of December 5, BNB is trading at $726.18, which is 3.83% lower than the previous close.
• Cardano (ADA): ADA holds the ninth position with a market capitalization of $38 billion. As of December 5, ADA is trading at $1.19, which is 1.65% lower than the previous close.
Market Trends
Following Donald Trump’s victory in the U.S. presidential election, a more cryptocurrency-friendly regulatory policy is expected, which has contributed to the market’s growth, particularly Bitcoin, which has reached new highs. However, experts caution against excessive optimism regarding altcoins and recommend a cautious approach to investing in them, considering the potential for profit-taking.
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