Bitcoin has rebounded to $98,000 today after dropping to its weekly lowest point, and several sentiments have made it back to head the $100,000 target price.
Bitcoin (BTC), the world’s largest cryptocurrency in the world by market capitalization, rose around 3% to $98,436 in the past week after dropping under the weekly average to $93,913 on Tuesday.
The South Korean martial law has brought a sentiment and dropped to its lowest record, but the token rebounded a few hours later after President Yoon Suk Yeol ended the order.
1 Day BTC price chart, October 28 – December 05, 2024 | Source: crypto.news
Trump nominated one-time Securities and Exchange Commission (SEC) Commissioner Paul Atkins to head the institutions, bringing a positive sentiment to the market. Ripple’s Brad Garlinghouse and Congressman Tom Emmer even support these nominations due to his stance as pro-crypto
Fed Chairman Jerome Powell’s acknowledgement of Bitcoin as a rival to gold also gives a perspective that this digital asset was commonly known as a safe-have instrument asset class.
Ethereum follows Bitcoin’s target movement
According to CoinMarketCap data on Dec. 05, Bitcoin dominance also showed a decrease of almost 5% to 54%, and this record was last seen this July. In comparison, Ethereum and other crypto recorded an increase to 12.9% and 32,6%, respectively, which indicates that Altcoins have room to grow.
Ethereum (ETH) increased by 5,21% to $3,813 in a day of trading. This largest blockchain token in the world is also heading to the next price target, which is $4,000, and possibly skyrocket to an all-time high of $4,891; the last time recorded was 3 years ago.
Although the other top cryptocurrencies have not performed yet, the crypto market cap in total is rising 1.87% to $3.58 trillion.
