Bitcoin’s impressive rebound following the Monday crash continued in the past 24 hours as the asset briefly exceeded $94,000, marking a new multi-week peak.

Ethereum has emerged as the most significant gainer among larger-cap alternatives after the successful activation of the Fusaka upgrade.

BTC Tapped $94K

Following the brutal sell-off in mid-November, Bitcoin managed to recover from its losses and surged past $90,000. However, December began with a decline, dropping below $84,000 early in the week. The market quickly turned around, with Bitcoin trading above $90,000 once again before exceeding the $94K mark for the first time since November 17. Still, it currently trades below this level.

As for market metrics, the total market cap for Bitcoin remains above $1.860 trillion, with a dominance of over 57% across altcoins.

BTCUSD Dec 4. Source: TradingView

ETH Jumps After Fusaka

The most notable development recently was the successful activation of the Fusaka update for Ethereum. Following its launch, Ethereum rallied, reaching over $3,250, which is a three-week high.

In other altcoin news, while major cryptocurrencies like BNB, SOL, and TRX saw some minor gains, others like XRP and DOGE have been trading lower. The overall crypto market cap has increased by approximately $40 billion in a single day, now exceeding $3.260 trillion.

Cryptocurrency Market Overview Dec 4. Source: QuantifyCrypto