Will BTC Reclaim $60k Level Before New Year?

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Cryptocurrencies extended their gains for the second day today with a rally of around half a percent. Cryptocurrency market capitalization increased 0.56 percent to $2.27 trillion.

Bitcoin is trading at $48,682.4, 23 percent short of the psychological $60 k level. $50k level is just a tad away at 2.7%. 69 percent holders are making profits at current levels.

Ethereum is currently trading at $3957.66, down 1.36 percent from the levels a day ago. Ethereum has returned to the 15th position among all assets as per companiesmarketcap.com, surging ahead of Visa and JP Morgan Chase.

Bitcoin's dominance decreased to 40.5 percent from 40.9 percent while Ethereum's dominance decreased to 20.8 percent from 21.2 percent. In effect, the remaining altcoins surged to 38.7 percent of the market capitalization from 37.9 percent on Tuesday implying bullish momentum beyond the two top cryptocurrencies.

Stablecoin dominance dropped to 7.03 percent, from 7.45 percent on Monday, reflective of the risk-on behavior within the crypto space. Stablecoin market capitalization has edged up by 0.35 percent to $159.5 billion.

Overnight percent gains in categories like Web 3 (4.5%), Research (4.2%), DeFi (4.0%), Memes (3.9%), Metaverse (2.6%), Decentralized Exchanges (2.4%), NFTs & Collectible (2.0%), Gaming (1.7%), etc. far surpass the 0.56 percent overnight gains witnessed in the aggregate crypto market capitalization.

As of this writing, Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Cardano (ADA), XRP (XRP), Terra (LUNA), Avalanche (AVAX), Polkadot (DOT), Dogecoin (DOGE), Polygon (MATIC), Litecoin (LTC), TerraUSD (UST), Algorand (ALGO), and Bitcoin Cash (BCH) are the 15 top ranking coins in terms of market capitalization.
Terra (11.9%) led the gains in the category while Ethereum lagged the most (-1.36%) within the category.

Terra (LUNA) has touched an all-time high of $97.88, a few hours ago. Terra (LUNA) tops the DeFi space with a market capitalization of around $36 billion.

In the tokens category, Tether (USDT), USD Coin (USDC), SHIBA INU (SHIB), Binance USD (BUSD), Crypto.com coin (CRO), Wrapped Bitcoin (WBTC), Uniswap (UNI), Chainlink (LINK), Dai (DAI), Decentraland (MANA), Axie Infinity (AXS), FTX Token (FTT), Bitcoin BEP2 (BTCB), The SandBox (SAND), and UNUS SED LEO (LEO) rank in the order of market capitalization.

SHIB (8.04%) gained the most whereas LEO (-1.6%) declined the most in this category.

Aggregate market capitalization of the DeFi category has increased by 5.83 percent overnight to $176 billion. DeFi can be broadly defined as traditional financial services performed using blockchain technology (relying in particular on smart contracts and stablecoins).

Terra (LUNA), Avalanche (AVAX), Wrapped Bitcoin (WBTC), Dai (DAI) and Uniswap (UNI) are the most valuable cryptocurrencies in the DeFi space.

27th ranked NEAR Protocol (NEAR), 44th ranked IOTA (MIOTA), 42nd ranked Fantom (FTM), 64th ranked Curve DAO Token (CRV), 9th ranked Terra (LUNA), 55th ranked Aave (AAVE) and 41st ranked Helium (HNT) have all rallied more than 10 percent overnight.

Despite a season of turbulent market behavior, there appears to be a revival of bullish momentum in the crypto sphere. Crypto enthusiasts would be looking out for a rally that would soon breach the psychological levels of $50k, $60k and $69k for the market-leading Bitcoin.

Will 2022 be a happy new year for crypto investors? Let's keep our fingers crossed.

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