This week, the global cryptocurrency market cap soared 5% to $1.49 trillion, marking its highest point since the Terra-induced collapse of last May. Several assets — Bitcoin (BTC), Ethereum (ETH) and Celestia (TIA) — registered impressive gains.
Bitcoin nears $40,000
Bitcoin has been on a rampage since breaking out of the consolidation in early October. The premier crypto has continued to register impressive bullish closes, and this week was no different. With a 5.41% increase over the past seven days, Bitcoin is on track to record its seventh consecutive bullish week.
This streak of bullish closes began in mid-October when the asset changed hands at the $27,000 territory. Amid increased optimism from sustained ETF discussions, Bitcoin has extended the wins to seven straight weeks.
This week was less challenging than most, as BTC only registered two days of mild intraday declines. These declines came up on Nov. 27 (0.56%) and Nov. 30 (0.37%). Other days recorded bullish gains, but Dec. 1 stood out, as BTC surged 2.54%, marking its highest intraday gain for the week.
This Dec. 1 rally brought BTC the closest to the $39,000 territory in 17 months. The asset spiked to $38,983 but witnessed bearish resistance. BTC showed resilience, closing Dec. 1 at $38,688 to have another go at $39,000 the following day.
This second push was successful, helping Bitcoin reclaim $39,000 for the first time since the Terra implosion of last May. Bitcoin has built on this rally, changing hands at $39,489 at the reporting time, with the $40,000 price threshold its next target.
Ethereum hits 17-month high
Bitcoin’s uptrend favorably impacted Ethereum’s price, as both assets maintained their close correlation this week. Ethereum started the week with mixed signals, dropping 1.71% on Nov. 27, but rising 0.99% the next day. Nov. 29 also brought another decline, with a 0.90% slide.
However, Ethereum’s bullish story began on Nov. 30 despite BTC’s 0.37% drop. ETH rallied 1.12% that day, extending this bullish run to the new month. The asset gained 1.72% on Dec. 1, with its largest intraday gain amounting to a 3.75% surge on Dec. 2.
The Dec. 2 rally was Ethereum’s major boost this week, as the asset leveraged it to hit a 17-month high of $2,184. Despite facing a roadblock at this new yearly peak, the bulls retained their hold, keeping Ethereum above $2,100 at the close of day. Currently trading for $2,164, ETH is up 4.97% this week.
Celestia clinches new ATH in 60% weekly gain
Celestia was not left out in the market-wide uptrend this week. While Bitcoin and Ethereum flashed mixed signals at the start of the week, TIA went full-on bullish, surging 8.17% on Nov. 27 and 6.06% on Nov. 28. The following day was not very favorable, leading to a 3.53% decline.
However, these drops did nothing to negate the ongoing uptrend. Celestia rallied by a massive 42% from Nov. 30 to Dec. 2, recording three consecutive days of bullish momentum. Amid this momentum, TIA began recording new all-time highs on Dec. 2. The asset’s latest ATH was $9.31 today.
Celestia’s massive uptrend put it among the top gainers over the past seven days. The asset is up 61% this week, securing third among the largest gainers. Celestia is facing a 0.48% drop today, but the asset has held up well above $8.5, currently changing hands at $8.81.