Ted Cruz (R-TX) – a crypto-supportive Republican senator – believes a US Central Bank Digital Currency (CBDC) is likely to become a reality. The politician believes both the Federal Reserve and the White House currently want one, and that the Democratic party won’t vote against its issuance. In an interview published by What Bitcoin Did on Friday, Cruz discussed the current political climate surrounding crypto. In general, the senator believes Democrats are more opposed to the industry than Republicans, due…
The crypto market has witnessed a massive bullish movement in the past 24 hours. At the time of writing, the total market cap has exceeded the $1 trillion mark for the first time.
Bitcoin Hits New All-Time High
Bitcoin (BTC) bullish run has continued in recent days as the leading coin continues its march towards uncharted territory. After experiencing a major dip a week ago, which saw the coin move below $30k, Bitcoin has recovered remarkably. The leading coin began the day trading at around $34,000 before making a major move above the $35k mark. After several retracements, Bitcoin successfully established its price above $35,000 and began its quest towards the $40k resistance point.
The past few hours have seen a renewed surge by the coin, surpassing the $37k mark for the first time. In this process, BTC created a new all-time high of $37,243, according to data from CoinMarketCap. Since then, the coin has experienced a slight correction and is trading for $36,900.
The market sentiment for the leading coin is high, and the fear/greed index points to extreme greed. Several analysts are predicting that the bullish run has only just begun. In a recent report, US bank JPMorgan suggested that the leading coin could hit $146,000 in the long-term.
Crypto Market Bullish
The crypto market has experienced an unprecedented bullish rally in the last 24 hours. Most of the top 20 coins are trading green, with a majority experiencing double-digit gains during this period. Leading altcoin Ethereum is in a minor bullish run of its own, gaining 11.67% in 24 hours. Ether, its native token, hit a three-year milestone in the past few hours and is firmly above the $1000 mark.
Stellar (XLM) is the biggest gainer among the top 20 coins moving into ninth on the coin rankings. The cross-border platform token is up 78% in the past 24 hours and 189% in the past seven days. Cardano is also enjoying a decent surge in price, up 32% during this period. Embattled token XRP has also gained a major respite with 15.92% in the past 24 hours.
The total crypto market cap is up by 10% adding $100 billion in 24 hours. It is valued at around $1 trillion at the time of publication, with Bitcoin’s market dominance at 68.4%.