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Bitcoin price rose to $38,000 for the first time since April 2022 in a relatively low-volume environment. This rebound helped push the total market cap of all cryptocurrencies to over $1.5 trillion as other coins jumped. 

Some of the other top-performing cryptocurrencies were Lisk, Sei, Spell Token, and GMX. Lisk’s LSK soared to a high of $1.4890, the highest point since August 2022. Similarly, Sei jumped to $0.25, its highest swing since August 14th this year.

Abracadabra’s Spell Token rose to $0.00062 while GMX hit $53.50. Other popular coins like Ethereum, Ripple (XRP), and Cardano also continued soaring. 

This rally is happening in a relatively low-volume environment since most Americans are enjoying their long Thanksgiving weekend. As a result, most assets, including equities and forex are seeing low volumes. 

According to CoinGecko, the total volume of Bitcoin traded on Friday was $11 billion, down from $25 billion on Thursday and $18 billion on Wednesday. Other coins like Ethereum and Ripple are also seeing weak volume.

Bitcoin and altcoin performance is happening in a week that saw major changes at Binance, the biggest company in the crypto industry. Binance pleaded guilty to charges brought by the Securities and Exchange Commission and agreed to pay $4.3 billion.

Changpeng Zhao also plead guilty and paid $50 million to regulators and posted a $175 million bail. He also resigned as the CEO of Binance and is now facing a few years or months in prison.

These developments are a major blow to the growing crypto industry. For one, by pleading guilty, it means that other countries will also sue the company and even CZ. 

On a positive side, the settlement means that a big cloud that has been hanging over Binance has now been removed. It also means that there is a likelihood that Coinbase and Kraken, which was sued this week, will also settle with the SEC. 

Most importantly, Bitcoin has thrived over the years amid adversity. It jumped to an all-time high of $68,000 in 2021, years after MT. Gox collapsed. It has also jumped to over $38,000, a year after FTX collapsed. At its peak, FTX was valued at over $30 billion.

Further, Bitcoin has also done well in a high-interest-rate environment. The Fed has hiked interest rates from zero in 2022 to 5.50%. These rate hikes have made safe havens like short-term bonds more attractive.

The post Sei, Lisk, Spell Token, GMX rises as Bitcoin price wakes up appeared first on Invezz

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