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Crypto Market Cap Above $700 Billion As Bitcoin Surges Past $28k
Bitcoin (BTC) continues to set records since breaking past the $20k resistance barrier earlier in December. The leading coin has since created more milestones and looks to be on its way to $30k before the end of the year.
Bitcoin Surges Past $28k
Entering the weekend, trading within the $25k mark, Bitcoin continued its bullish movement, with the bulls taking the coin above $26k yesterday. After a brief retracement, the leading coin continued its march, breezing past 26,500 before dawn.
The bullish trend has continued today, with BTC initially breaking past the $27k resistance barrier. In the past few minutes, the coin has made new grounds surpassing $28k for the first time in its history. In the process, BTC set a new all-time high of $28,2888, according to data from CoinMarketCap.
Bitcoin surge has been remarkable in the past two weeks and has caused excitement within the crypto space. Leading Bitcoin advocate Max Keiser suggested that the price of Bitcoin could hit $35k based on current order books on exchanges. Popular analyst Tim Draper also predicts that Bitcoin could hit $100k by the end of 2022 or early 2023.
The market sentiment for the leading coin is high, and the fear/greed index points towards extreme greed. If the current bullish run continues, expect to see BTC hit the $30k mark before the end of the year. While a change to the opposite direction could see the coin dip towards the $26k support levels.
Crypto Market Cap Hits $700 billion.
Bitcoin’s recent bullish run has caused a ripple effect in the market, and most altcoins are in the green. Leading altcoin Ethereum is currently up by 2% in the past 24 hours and has hovered within the $600 mark in the past few days.
Zilliqa (ZIL) is the biggest gainer among the top 50 coins moving into the top 30 rankings. The smart contract token is up by 89% in the past week and is currently trading at $0.085747. XRP continues to slide and is down 51% in the past week following the SEC legal suit.
The total crypto market cap is up by 10% in the past 24 hours and is valued at $700 billion. This increase is buoyed by Bitcoin, whose market dominance is now a massive 71%.