The cryptocurrency market is buzzing with excitement after a strong recovery in the past 24 hours. The total market cap has climbed by 3.3% to reach approximately $3.5 trillion during early Asian trading on Thursday, November 28. Bitcoin (BTC), the leader of the pack, surged 4% to briefly hit $97.3k before settling around $95.6k.
Altcoins, too, joined the rally, with Ethereum (ETH) soaring over 7% to $3,682. This sudden bullish turn has sparked liquidations worth nearly $300 million.
Good times ahead?
Bitcoin’s climb above $91k coincided with a surge in “buy the dip” sentiment during Thanksgiving and Black Friday. Google searches for Bitcoin have reached their highest levels since May 2022, indicating a wave of FOMO (fear of missing out) among traders.
Already, the overall Open Interest (OI) in the crypto market has surged to a new all-time high of above $120 billion. With the notable spike in stablecoins supply on different blockchains, it is safe to deduce that the FOMO traders have significantly increased.
After banning the crypto market trading in 2017, the government of Morocco has now legalized its adoption. Abdellatif Jouahri, the governor of Morocco’s central bank, Bank Al-Maghrib (BAM), said the bank is preparing a draft law aimed at regulating crypto assets, which is now in the adoption process.
In a significant development, Chinese companies are returning to the crypto space as government restrictions loosen. SOS, a publicly traded Chinese company, revealed plans to invest $50 million in Bitcoin after receiving approval from its Board of Directors.
This reflects a growing shift in China’s approach to cryptocurrencies, hinting at further adoption.
The recently brokered ceasefire between Israel and Lebanon has brought optimism to global markets, including cryptocurrencies. This geopolitical stability has supported a broader recovery, with Bitcoin and other assets gaining strength.
Adding to this bullish momentum, Bitcoin supply on centralized exchanges dropped by more than 15,000 in the last 24 hours, hitting a multi-year low of under 2.3 million.
Spot Bitcoin and Ether ETFs in the United States posted positive inflows on Wednesday after suffering outflows earlier in the week.
Bitcoin surged from whale buying, reduced exchange supply, and renewed retail and institutional interest.
Ethereum pumped 7%, driven by stablecoin growth, liquidity spikes, and investor optimism in the altcoin market.
As optimism builds, the market may just be setting the stage for a December to remember.
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