Bitcoin Reclaims $40,000

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Bitcoin has broken $40,000, up around 10% on the day. Other cryptocurrencies and asset classes are showing strength today as well. 

Bitcoin in the Green

Bitcoin jumped above $40,000 and still sits above it at press time. 

Bitcoin is trading at $40,535 at press time, per CoinGecko. BTC has not reached its current levels for two weeks.

Accounting for over 41% of the total $1.8 trillion cryptocurrency market cap, Bitcoin’s gains exceed 10% today, though it is down over 42% since its all-time high of nearly $69,000 on Nov. 10 last year. 

Other prominent Layer 1 coins like Ethereum and Solana are also up today. The total cryptocurrency market capitalization has gained approximately $100 billion in the past 24 hours. This comes after a $1.4 trillion erasure of market value since last November.

Other asset classes are showing strength today as well. The United States stock market, which has also slumped this year alongside the crypto market, has rebounded slightly today, with the technology-heavy Nasdaq up around 0.75% following (though it is still down about 10% so far this year). This is likely on the back of Amazon, which has recorded over 12% gains today. Nevertheless, Meta lost an historic amount of market capitalization yesterday of over $250 billion. 

Commodities such as oil and gold are also seeing price appreciation today, with the former reaching its highest prices since 2014. 

Cryptocurrency-related equities are up today as well, after suffering severely during the broader price depressions of the past weeks. As examples, Coinbase stock is up around 6%, Block over 4%, and MicroStrategy edging over 11%. 

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.

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