Bitcoin (BTC) reached a market capitalisation of $557 billion after the most recent price increase that pushed it above $28,500. Despite the uncertainty in traditional financial markets and the lack of a clear trend among digital currencies, Bitcoin is able to register a 4% gain in the last 7 days.
Bitcoin Surges Above $28,5000
Bitcoin, the largest cryptocurrency in the market, was able to reach its highest price since mid-August, 2023. Over the last few months, Bitcoin has been moving higher within a clear ascending channel that is pushing Bitcoin towards new local highs. It will now be very important to see how this trend will continue and whether it will close the year with a positive outlook.
According to CoinGecko, Bitcoin has reached a local high in the last 24 hours of $28,737 with a trading volume of $16 billion in most of the largest and liquid crypto exchanges. Furthermore, its dominance is also above 49%, showing a stable situation compared to earlier this year.
Other virtual currencies are also experiencing gains. For example, in the last 7 days, Binance Coin (BNB) surged by 2.4% and Solana (SOL) expanded by 9.3% during the same period of time. It is also worth taking into consideration that other digital assets such as Tron (TRX), Polygon (MATIC) or Chainlink (LINK) have also experienced gains.
It is just a matter of time to see how Bitcoin will behave in the near future.