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Bitcoin has sparked a market-wide recovery campaign, leading to a 3.8% surge in the global crypto market cap and a spike in trade volume amid increased buying power. 
Remarkably, Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) recently came back against the bears to recover the losses of the last few days, resulting in a shift in market trends. The global crypto market cap is now back above the $1.4 trillion mark, up 4.44% over the past 24 hours to $1.43 trillion. 
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 Crypto market cap | Source: CoinMarketCap
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In addition, the market is witnessing a resurgence of traders, with global trade <a href="https://crypto.news/altcoin-volumes-up-to-60-according-to-kaiko-data/">volume</a> recently spiking 5.97% to $70.22 billion. BTC has surged 4.06%, while Ethereum (<a href="https://crypto.news/price/ethereum/">ETH</a>) is up 2.61% within the last 24 hours. This pattern suggests increasing buying pressure. 
 You might also like: <a href="https://crypto.news/lookonchain-reports-whales-are-dominating-the-ethereum-market-with-big-sales/"> Lookonchain reports whales are dominating the Ethereum market with big sales </a> 
Santiment confirmed this trend in a recent disclosure, calling attention to a spike in activity for Tether (<a href="https://crypto.news/price/tether/" data-type="link" data-id="https://crypto.news/price/tether/">USDT</a>), the dominant stablecoin in the market. Santiment revealed that USDT’s volume has surged to an 8-month high of $50 billion amid increased whale accumulation. 
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Interestingly, the whale transactions involving USDT have spiked substantially, as market participants carry out over 40,000 USDT transactions worth $100,000 and above weekly. The last time the market recorded this milestone was in March. 
<h2 class="wp-block-heading" id="prior-crypto-market-slump">Prior crypto market slump</h2> 
This bullish momentum followed a prior market slump. The global crypto market cap plummeted by over 3.5% from $1.4 trillion to $1.35 trillion on Nov. 14, marking a loss of over $50 billion in valuation within a day.&nbsp; 
A decline in Bitcoin’s value triggered this substantial drop, as the firstborn crypto plummeted below the $35,000 territory on Nov. 14. The sudden drop led to significant liquidations amounting to $300 million, as recently <a href="https://crypto.news/traders-liquidated-300m-amid-bitcoin-drop-to-35k/">reported</a>. 
In a 2.50% dip on Nov. 14, BTC recorded its largest intraday loss in over two months, sustaining a losing spree that began on Nov. 11. The entire market collapsed in response, leading to major declines and a corresponding drop in global market cap. 
This drop, coinciding with the latest CPI <a href="https://www.theguardian.com/business/2023/nov/14/us-inflation-fuel-housing-cpi-fed" target="_blank" rel="noopener">report</a>, followed a sustained uptrend that saw Bitcoin and other crypto assets register new yearly highs. Notably, the CPI report, released on Nov. 14, suggested that inflation in the U.S. cooled to 3.2%, representing the lowest figure this year. 
As a result, market participants trooped into the traditional stock market, with substantial capital flowing from the crypto scene into the stock market. In addition, global crypto trade volume dropped below the $50 billion mark amid investor apathy. The recent resurgence suggests the return of the bulls. 
 Read more: <a href="https://crypto.news/despite-crash-crypto-was-best-performing-asset-of-2023/"> Despite crash, crypto was best performing asset of 2023 </a>

Bitcoin resurgence spurs 3.8% rise in global crypto market cap

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