Bitcoin zips past $41,000 amid unending ETF optimism Bitcoin zips past $41,000 amid unending ETF optimism
Bitcoin's price increase has pushed its market capitalization beyond that of Warren Buffet's Berkshire Hathaway.
2 min read
Updated: Dec. 4, 2023 at 3:40 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin’s (BTC) price zipped past $41,000 for the first time in the last 19 months earlier today, Dec. 4, fueled by the unending optimism surrounding a possible spot exchange-traded fund (ETF) approval in the U.S.
The top digital asset gained more than 5% during the last 24 hours to trade at $41,448 as of press time, continuing an upward price movement that emerged over the weekend, according to CryptoSlate’s data.
Data from Coinglass shows that BTC’s price action liquidated more than $70 million from short traders during the reporting period, with the single largest liquidation occurring on Bitmex, valued at $6.01 million.
BTC’s rally follows a recent revelation that the Securities and Exchange Commission (SEC) met with several asset managers, including Grayscale, BlackRock, and others, towards the end of November regarding their proposed spot Bitcoin ETFs.
Meanwhile, the price increase has made BTC one of the world’s top 10 assets by market capitalization, ahead of Warren Buffet’s Berkshire Hathaway and Elon Musk’s electric car maker Tesla. However, it remains a few billion behind social media behemoth Meta, according to data from CompaniesMarketCap.
BTC’s market capitalization stands at $811.89 billion as of press time, according to CryptoSlate’s data.
Ethereum, others surge.
BTC’s upward movement also lifted the value of several alternative cryptocurrencies, including Ethereum, Solana, and Cardano, which posted significant gains during the reporting period.
ETH, the second-largest digital asset by market cap, increased by more than 4% to break $2,200 for the first time since May 2022. Its ascent could also be attributed to the optimism surrounding the spot Ethereum ETF applications filed by several traditional financial giants, including BlackRock.
On the other hand, Solana continues its year-long positive momentum, breaching the $65 mark during the weekend before mildly retreating to $64 as of press time, according to CryptoSlate’s data.
Others like Cardano, Dogecoin, BNB, and XRP saw more than 2% gains during the reporting period. Notably, Terra-related coins—Terra Classic and Terra Luna– are among CryptoSlate’s top gainers list today.
Mentioned in this article
Bitcoin 
Ethereum 
Solana 
Dogecoin 
XRP 
Cardano 
Terra Classic 
BlackRock 
Grayscale Investments 
Fidelity Investments 
Tesla 
Elon Musk Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,551.06
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$222.636
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Dogecoin
$0.40299
Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
XRP
$2.52843
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Cardano
$1.18911
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Terra Classic
$0.00016
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
Tesla
Tesla is a manufacturer of electric vehicles and a clean energy company led by billionaire Elon Musk.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.