Why is the crypto market up today?

The cryptocurrency market is up today with its net valuation reaching $1.427 trillion for the first time since May 2022.

Bitcoin (BTC), which controls more than half of the market share, contributed the most to the crypto sector’s growth on Dec. 1, rising 3.25% to nearly $38,850. Ether (ETH), the second-largest cryptocurrency by market cap, jumped 2.8% over $2,100. 

Crypto market capitalization weekly performance chart. Source: TradingViewWhy is crypto market going up today?

Crypto market gains in the last 24 hours coincide with MicroStrategy’s announcement that it had purchased nearly $600 million worth of Bitcoin at an average price of $36,785 per BTC. This acquisition brings the…

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