Bitcoin Mcap hits 2-month high as asset breaks $24k resistance
Valuation of Bitcoin has come a long way since the asset’s inception. The asset’s valuation hit a milestone last November when it climbed to $1.27T. The market value has since fallen below expected margins as adverse market conditions persist.
Since June, BTC’s market cap has remained below $470 million due to the steadfast Crypto Winter. Despite that, after the recent bear market rally, the market capitalization rebounded to over $470 billion. This is a further indication of a bullish trend.
Bitcoin’s valuation of $474 billion is the highest since its June 13 release
As at the time of reporting, data from CoinMarketCap shows that BTC’s market cap has reached $474B. This level represents the highest the asset’s valuation has reached since the start of the downtrend on 13 June. This indicates that the current rally is the highest the markets have seen since the toughest times of the bear market. A sustained rally could put the asset up for the $25k zone.
With a market dominance of 40.31%, BTC contributes the most to the global crypto market value. As a consequence, this BTC milestone brought the crypto market cap to over $1.17T. This is still some way down from the global market cap of $3T last November.
The latest rally in the direction of the markets gained momentum shortly after the CPI data revealed. According to the report, inflation in the US is 8.5%. This data is 0.2% less than the estimate. The crypto community has since then maintained bullish sentiments.
BTC is trading comfortably above the $24k resistance
BTC had been consolidating around the $23k zone since early August. After the underperformance at the end of July, the asset briefly struggled to break the $24k level before plunging further below $21k.
Although BTC started August on a positive note, it had failed to break the key $24k resistance until now. Not only has BTC broken the $24k resistance, it is currently trading comfortably above the $24,809 level. The CMC community expects the asset to rise further from here, with a forecast of $27,000 by month end.
Currently, Bitcoin’s Funding Rate indicates that long position traders are more dominant in the derivatives market. This represents bullish sentiments as it shows that more traders expect the market to rise further. Furthermore, liquidations in the last 24 hours have occurred more with short positions.
The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.
