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The crypto market is up today as Bitcoin’s rally to a new 2023 high triggers a breakout in altcoins and DeFi tokens.
The crypto market is up today as Bitcoin (BTC) and Ether (ETH) rallied to new 2023 highs and Cardano (ADA) and numerous altcoins tacked on notable gains. The positive growth was led by Bitcoin, which topped $40,000 for the first time in 19 months on Dec. Coinciding with gold hitting an all-time high, Bitcoin price then topped $42,000 on Dec. 4, setting a 20-month high.
Crypto performance map. Coin360
Let’s examine three major factors influencing today’s crypto market rally.
Bitcoin continues to leave centralized exchanges
The crypto market’s price gains in the past 24 hours follow a period of rising withdrawals from centralized crypto exchanges.
For instance, over 20,000 Bitcoin have left crypto exchanges since Nov.
Bitcoin balances on exchanges. Source: Coinglass
The reduction in Bitcoin balances across crypto exchanges has largely coincided with rising prices.
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