Michelle ThompsonThe total value of the crypto market increased by roughly 2.6% to $1.56 trillion.
Bitcoin’s price soared beyond $40,000 on Wednesday, recovering from the previous day’s losses, when it fell below $39,000 for the first time in more than seven weeks.
Bitcoin’s price surged to as high as $40,555 at 3.45 a.m. EDT, up 3%, and was trading around $40.043 at 8.34 a.m. EDT, representing a 2.5% daily gain.
The world’s largest cryptocurrency fell to $38,559 on Tuesday, its lowest level since December 2, 2023, owing to waning market confidence after spot Bitcoin exchange-traded funds (ETFs) were approved a week earlier.
Ethereum, the world’s largest altcoin by market capitalization, rose 1.5% to $2,234 at the same time, while certain altcoin prices increased by up to 14%.
The cryptocurrency market’s total worth increased by over 2.6% to $1.56 trillion, according to CoinMarketCap, a website that tracks digital asset prices.
Bitcoin’s price nearly reached $49,000 on January 11, the day the US Securities and Exchange Commission approved spot Bitcoin ETFs.
The highly anticipated judgment allows investors, particularly financial institutions, to trade Bitcoin without owning it.
