Bitcoin Crosses The $40K Threshold — Ethereum, Dogecoin Spike Too: FUD, FOMO To Dictate Whether $50K Arrives 'Sooner Rather Than Later,' Says Market Intelligence Platform

Bitcoin was seen trading over the psychologically important $40,000 level on Sunday evening with Ethereum and Dogecoin also showing an uptick in prices as the global cryptocurrency market cap rose 1.6% higher to $1.51 trillion.

Bitcoin crossed the $40,000 level for the first time since late April 2022, meanwhile, Ethereum was above the $2,200 level at the time of publishing.

The rise in Bitcoin prices comes amid a backdrop of a gradual rally, which has been fueled by expectations linked with the approval of a Bitcoin Spot ETF by the Securities and Exchange Commission.

Cryptocurrency	Gains +/-	Price (Recorded at 8:57 p.m. EST)
Bitcoin BTC/USD	+2.92%	$40,660.97
Ethereum ETH/USD	+2.03	$2,214.32
Dogecoin DOGE/USD	+0.15%	$0.086

Sunday's Bitcoin action was in contrast with movement in other risk assets. Stock futures were largely flat at the time of publishing. On the other hand, Gold prices hit a record high on Friday. Notable Gold bull, Peter Schiff, was left unimpressed by Bitcoin's $40,000 move and pointed out that the precious metal has "completely broken out."

Top Gainer (24-Hours)

Cryptocurrency	Gains +/-	Price (Recorded at 8:57 p.m. EST)
Terra Classic (LUNC)	+37.3%	$0.0002
Terra (LUNA)	+23.09%	$0.99
ORDI (ORDI)	+18.87%	$38.53

Analyst Takes: Cryptocurrency trader Michaël van de Poppe said that Bitcoin was "up massively on the year" even when the sentiment was "we were going to have a really hard period."

#Bitcoin is acting close to $40K.

It's up massively on the year, while the sentiment was that we were going to have a really hard period.

To be fair, we've experienced the longest bear market on #Altcoins in history.

Every one of you deserves the bull.

— Michaël van de Poppe (@CryptoMichNL) December 3, 2023

It should be noted that Van de Poppe said earlier that spot Bitcoin ETF approvals could come between January 5 and January 10.

It's pretty clear that between January 5-10th we'll be seeing an approval or delay on the Spot #Bitcoin ETF applications.

Until that day, I don't think we'll have very large corrections, but a trend upwards. December is probably a good month in that regard with the hype.

— Michaël van de Poppe (@CryptoMichNL) December 1, 2023

Market intelligence platform, Santiment said in a post on X, formerly Twitter, that "#FUD & #FOMO toward the ongoing #ETF confirmation dates will dictate whether $50K arrives sooner rather than later."

🥳 #Bitcoin has risen back above $40K for the first time since April 28, 2022, as the weekend is coming to a close in celebratory fashion. #FUD & #FOMO toward the ongoing #ETF confirmation dates will dictate whether $50K arrives sooner rather than later. https://t.co/ajHJOyBe2m pic.twitter.com/1dCsxaUxY3

— Santiment (@santimentfeed) December 3, 2023

Photo by FellowNeko on Shutterstock

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