Key Points

  • Bitcoin is trading at over $40,000 today.
  • The flagship cryptocurrency has been trading in the $30,000 range for nearly two weeks.
  • Other cryptocurrencies, stocks and commodities also performed strongly.

Bitcoin has topped $40,000, up about 10% on the day. Other cryptocurrencies and asset classes are also showing strength today.

Green Bitcoin

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

According to CoinGecko, bitcoin is trading at $40,535 at the time of writing. BTC has not reached its current level in two weeks.

Bitcoin, which accounts for more than 41% of the cryptocurrency's total market cap of $1.8 trillion, is up more than 10% today, even though it has gained more than 42% since hitting an all-time high of nearly $69,000 on Nov. 10 of last year.

Other notable Layer 1 tokens such as Ether and Solana have emerged today. In the last 24 hours, the total market cap of cryptocurrencies has increased by about $100 billion. Since last November, the market cap has evaporated by $1.4 trillion.

Other asset classes are also showing strength today. The U.S. stock market, which has also fallen along with the cryptocurrency market this year, rebounded slightly today, with the tech-heavy Nasdaq following suit, up about 0.75% (though still down about 10% so far this year). This is likely on the back of Amazon, which is up more than 12% today. Nevertheless, Meta lost more than $250 billion of its historical market cap yesterday.

Commodities such as oil and gold also saw price gains today, with the former reaching its highest price since 2014.

Stocks related to cryptocurrencies are also up today after being hit hard during the broader price decline of the past few weeks. For example, Coinbase stock is up about 6%, Block is up more than 4%, and MicroStrategy is up more than 11%.

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