Bitcoin Adds $30 Billion to Market Cap in One Day; Is BTC Price Set To Reach $30,000?
The cryptocurrency market has shown resilience in the face of increased regulatory scrutiny, largely driven by its flagship asset – Bitcoin (BTC) – which has added nearly $30 billion to its market cap in a single day, indicating positive momentum that could push the price towards $30,000 .
As it happens, Bitcoin’s market cap has gone from $519.76 billion to $548.60 billion in the last 24 hours, which means it has grown by $28.84 billion or 5.6%, according to the latest the data obtained by Finbold from the cryptocurrency monitoring platform CoinMarketCap on March 29.
Bitcoin price analysis
During this time, the price of the maiden decentralized finance (DeFi) asset has increased by 5.28% and at press time changed hands at $28,364. The current price also represents a 0.35% increase over the past week , adding up to the monthly increase of 20.49% and over 70% since the turn of the year, as charts indicate.
Meanwhile, Bitcoin is demonstrating a “strong buy” sentiment at 16 on its one-day technical gauges over on the crypto and financial tracking platform TradingView. This sentiment is summed up by the oscillators standing in the ‘buy’ zone at 2 and the moving average (MA) pointing to a ‘strong buy’ at 14.
It should be mentioned that Bitcoin’s odds of a bullish rally are also increased by its break out of the relative strength index (RSI) downward trend, as assets holding the $27,200 level despite the chart pattern behavior that can be described as choppy.
Moreover, venture capitalist and ex-CTO of crypto trading platform Coinbase, Balaji Srinivasan, has predicted that Bitcoin will reach $1 million in the next 90 days as the US economy enters hyperinflation. Although his prediction has been rebuked by Matthew Kratter, founder of the University of Commerce He agrees with the YouTube channel that it is “directionally correct.”
At the same time, Finbold has reported Bitcoin’s market cap surpassing that of traditional financial giants such as payment platform Visa (NYSE: V ) and banking giant JPMorgan Chase (NYSE: JPM ), as well as outperforming year-to-date (YTD) returns of 97% of all S&P 500 companies in 2023.
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