The cryptocurrency market is buzzing with excitement as Bitcoin (BTC) reaches an all-time high of $100,000, marking a major milestone.
This surge has fueled optimism across the crypto space, with several altcoins seeing significant price jumps.
The Sandbox (SAND), and Curve DAO Token (CRV) are among the top gainers, up by 20% and 10% respectively.
However, despite the bullish momentum, some major cryptocurrencies like Solana (SOL), Binance Coin (BNB), and XRP have faced declines.
Let’s dive into the key market movements and insights for December 5.
Bitcoin price breaks $100K barrier
Bitcoin’s price has soared past the $100,000 mark for the first time, setting a new all-time high. As of writing, BTC is trading at $101,750, a 5% increase in the last 24 hours.
The surge comes after a period of consolidation, with Bitcoin breaking through the critical $100K resistance.
This price jump has helped Bitcoin’s market capitalization surpass $2 trillion for the first time, now sitting at $2.03 trillion.
With a 24-hour trading volume of $92 billion, Bitcoin’s dominance in the market remains strong at 55.4%.
A significant catalyst for this price rise came after Federal Reserve Chair Jerome Powell compared Bitcoin to gold, further fueling bullish sentiment in the market.
Bitcoin’s performance is also linked to growing institutional interest, with recent data revealing that Fidelity purchased $17 million worth of BTC ETFs, while $15 million was withdrawn from other ETFs like SoSo Value.
Ethereum (ETH) price shows strength
Ethereum (ETH), which recently consolidated its position in the market, has seen a 6% increase, trading at $3,855.
ETH’s 24-hour low and high were $3,663 and $3,906, respectively. Ethereum’s market cap is now $465 billion, and its trading volume stands at $60 billion. Ethereum’s dominance is at 12.7%, reflecting its continued strength in the altcoin sector.
Analysts speculate that Ethereum could see a price surge towards $5,000 if Bitcoin reaches $150K.
The altcoin has proven resilient, maintaining solid growth despite Bitcoin’s volatility. Ethereum ETFs also saw an inflow of $43 million, with Fidelity contributing $40 million to the total amount.
CRV and SAND Soar
Among the top gainers, Curve DAO Token (CRV) has jumped by an impressive 10%, trading at $1.07.
The price surge has pushed CRV into the top 100 cryptocurrencies by market cap. CRV’s 24-hour low and high were $0.9157 and $1.23, respectively.
Meanwhile, The Sandbox (SAND) also experienced a substantial surge, up 16%, with the price reaching $0.86. Its low and high for the past 24 hours were $0.7759 and $1.06.
XRP and Solana prices struggle
While some cryptocurrencies are experiencing growth, others are facing challenges. XRP has seen a 9% drop, currently trading at $2.3, with a 24-hour low and high of $2.188 and $2.67, respectively. Despite the decline, XRP remains in the top 5 by market cap, with a value of $132 billion.
Solana (SOL) is also down by 2%, trading at $235. It has faced a 24-hour low and high of $223 and $240.
However, the listing of the Gigachad (GIGA) meme coin on the Solana network sparked some optimism, as GIGA’s price surged following the announcement.
Dogecoin and Shiba Inu prices
In the meme coin sector, Dogecoin (DOGE) and Shiba Inu (SHIB) are showing bullish momentum.
DOGE is up by 6%, trading at $0.4385, while SHIB has surged 4%, reaching $0.00003143.
Other meme coins like PEPE gained 5%, though WIF and BONK experienced slight declines.
Despite mixed reactions across individual cryptocurrencies, the market is demonstrating overall bullishness.
The Fear and Greed Index currently stands at 83, reflecting extreme greed, which indicates high investor confidence and potential for continued growth.
However, with some altcoins showing volatility, investors should remain cautious and closely monitor market movements in the coming days.
The post Cryptocurrency market snapshot, Dec 5: BTC hits $100K; CRV, SAND lead surge appeared first on Invezz
