Bitcoin (BTC) has commenced December with a surge, catapulting above the $38,000 mark and signalling promising year-end highs above $40,000. The cryptocurrency’s recent ascent reflects a resurgence to levels last observed in May 2022, marking a notable shift in market dynamics following a prolonged downturn since its peak in October 2021.

The latest data from CoinMarketCap reveals BTC’s resilience, with the cryptocurrency trading above $38,000 on Friday. This surge marks the third occasion within a week that Bitcoin has revisited this crucial price level, underscoring a sustained bullish momentum in the market.

BTC’s price momentum witnessed a swift climb, reaching $38,228 less than 24 hours after briefly touching $38,143 overnight on Wednesday.

This resurgence places Bitcoin in territory it last charted during May 2022, a period when the cryptocurrency was amid a gradual descent from its historic high of over $60,000 in October 2021 to a low of $16,500 by November 2022.

The present surge indicates an impressive more-than 10% uplift in the last 30 days, marking a substantial 121% surge in value over the course of a year.

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The recent movements within the crypto sphere from major altcoins like Ethereum, XRP, Solana, Cardano, and Shiba Inu have sparked discussions among enthusiasts and investors alike, fueling optimism within the crypto community.

The market’s buoyancy is evident through a continuous influx of news, particularly surrounding numerous pending spot Bitcoin ETF applications, which notably increased by one on Wednesday. Additionally, relatively positive readings emanating from the Fed have further contributed to the positive sentiment surrounding Bitcoin.

Closing the Year on a High Note

Meanwhile, Ethereum, often considered the perennial second-place digital asset, has also demonstrated an upward trajectory as December commences.

At the time of writing, trading at $2,095, Ethereum’s resurgence echoes its rise towards the $2,119 price mark witnessed during the Black Friday period. However, Ethereum remains significantly distant from its all-time high of $4,732, recorded on November 11, 2021.

Simultaneously, other cryptocurrencies, such as XRP, Cardano, Solana and Shiba Inu, have recently observed substantial gains. Solana trades above $60, registering a 59% surge over the last 30 days, while XRP stands at over $0.611, reflecting a 13% increase during the same period.