The price of Bitcoin (BTC) shot above $41,000 earlier today, December 4, for the first time in the past 19 months, fueled by the endless optimism surrounding a possible approval of a spot exchange-traded fund (ETF) in the US.
The key digital asset gained more than 5% over the past 24 hours and was trading at $41,448 at the time of writing, continuing the upward price move that emerged over the weekend, according to Crypto Slates facts.
Data from Coinglass shows that BTC price action liquidated more than $70 million from short traders during the reporting period, with the largest liquidation occurring on Bitmex, worth $6.01 million.
BTC’s rally follows a recent revelation that the Securities and Exchange Commission (SEC) met with several asset managers, including Grayscale, BlackRock and others, in late November about their proposed spot Bitcoin ETFs.
Meanwhile, the price surge has made BTC one of the top 10 assets in the world by market capitalization, ahead of Warren Buffet’s Berkshire Hathaway and Elon Musk’s electric car maker Tesla. However, according to social media giant Meta, the company is lagging behind by a few billion facts from BusinessMarketCap.
BTC’s market cap at the time of writing is $811.89 billion Crypto Slates facts.
Ethereum, others rise.
BTC’s upward movement also increased the value of several alternative cryptocurrencies, including Ethereum, Solana and Cardano, which posted significant gains during the reporting period.
ETH, the second-largest digital asset by market capitalization, rose more than 4% to break $2,200 for the first time since May 2022. The increase can also be attributed to the optimism surrounding the Ethereum ETF applications filed by several traditional financial giants. , including BlackRock.
On the other hand, Solana continues its positive momentum throughout the year, crossing the $65 mark over the weekend before pulling back slightly to $64 at the time of writing. Crypto Slates facts.
Others like Cardano, Dogecoin, BNB and XRP saw gains of more than 2% during the reporting period. Terra-related coins in particular – Terra Classic and Terra Luna – belong to this Crypto Slates list of today’s top winners.