Bitcoin saw a significant rally on Wednesday, rising nearly 7 per cent within the last 24 hours to surpass the $92,000 mark after hitting a low of $84,000. This increase in the Bitcoin price on December 3 has contributed to a broader surge in the cryptocurrency market, with the total market capitalisation climbing to $3.13 trillion, reflecting a 16.43 per cent rise.
As of the latest updates, Bitcoin was trading at approximately $92,915. Ethereum also experienced a notable increase, rising over 8 per cent to around $3,042. Key altcoins, including XRP and BNB, experienced gains of over 12 per cent during the same period. Analysts, such as Riya Sehgal from Delta Exchange, attribute this resurgence in Bitcoin to Vanguard’s recent reversal of its Bitcoin Exchange-Traded Fund (ETF) ban, which has spurred new demand and led to significant trading volume in the market. The trading volume for Bitcoin ETFs exceeded $5.1 billion, indicating robust activity, according to a report from The Economic Times.
