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7 December 2023
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Happy 12th Birthday: BTC Heading to $35,000 As ETH Crosses $800

Bitcoin has given itself the best birthday present with a new ATH at almost $35,000. Ethereum has mimicked BTC’s gains and took down $800.

Bitcoin celebrates its 12th birthday by breaking down another milestone at $34,000 and yet another all-time high of $34,800. As some alternative coins have followed BTC’s move upwards, including ETH surpassing the $800 level, the total market cap has also reached a new record.

Bitcoin’s Latest ATH Eyes $35K

If the ending of 2020 seemed impressive with several consecutive all-time highs, bitcoin’s new year so far is kicking it out of the park. The primary cryptocurrency has broken down barriers daily.

After BTC overcame the coveted $30,000 price tag, the asset continued and did the same with $31,000, $32,000, and $33,000.

However, BTC headed for a vigorous correction after the $33K level, resulting in a brief drop to $30,000. Nevertheless, the bulls intercepted the move and charged bitcoin to another remarkable milestone – taking down $34,000 and reaching a fresh all-time high of over $34,800.

Although the cryptocurrency has retraced slightly since then, it still trades above $34,000.

It’s worth noting that bitcoin’s anonymous creator, Satoshi Nakamoto, launched the BTC network precisely twelve years ago – on January 3rd, 2009. Charting a new ATH at nearly $35,000 before even making it to its teenage years is quite the birthday gift.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH’s New YTD High, New Market Cap Record

Although not as impressive as BTC’s gains, most alternative coins have also charted green in the past 24 hours. Ethereum added nearly 11.7% of value resulting in ETH surging past the $800 level. This is ETH’s highest price tag in almost three years.

Polkadot (9%) and Litecoin (13.5%) have also gained double-digit percentages on a 24-hour scale. As a result, DOT sits at $9, while LTC charted a new yearly high of above $140.

Binance Coin (8%), Chainlink (12%), Cardano (3.5%), and Bitcoin Cash (8.3%) are also in the green from the top ten. In contrast, XRP has lost about 1.6% of value and struggles to stay above $0.20.

Cryptocurrency Market Heatmap. Source: QuantifyCrypto

The most impressive gainer from the top 100 is Dogecoin with a 70% pump. History shows that DOGE’s double- and even triple-digit increases could lead to a significant altcoin rally.

Decred (12%), BitTorrent (12%), NEAR Protocol (11%), FTX Token (11%), THETA (11%), and Quant (10%) follow.

CryptoPotato reported yesterday that the total market cap registered a new all-time high as well above $840 billion. The impressive gains from above meant that the cumulative market capitalization of all cryptocurrencies had reached an even higher level now of $880 billion.

Crypto Market Cap. Source: CoinMarketCap
Crypto Market Cap. Source: CoinMarketCap

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