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Bitcoin hit a high of $28,422 per unit on Sunday around 3pm Eastern Time as the leading cryptocurrency has continued to rise over the past week. Since last Sunday, bitcoin has increased in value by 37.9% against the US dollar, and the cryptocurrency’s total market capitalization has increased to $546 billion.
Just before 3 pm ET on March 19, 2023, bitcoin (BTC) passed the $28,000 zone, rising to $28,422 per unit on Sunday afternoon. Currently, the leading cryptocurrency’s value is hovering within that region, at just above $28,300 after meandering just below it at $27,925 per unit. Bitcoin has rallied more than 37% against the US dollar in seven days, and in the past 24 hours it has risen about 3.5% higher.
Currently, there is $42.9 billion in global bitcoin trades out of $203 billion in trading volume among all digital assets in existence. While bitcoin hit a high of $28,422 on Sunday, it also saw a low of $27,009 per unit during the day. Bitcoin has $23.94 billion left to surpass Tesla’s market cap of $569.94 billion to become the tenth largest asset by market valuation.
The global cryptocurrency market cap was $1.18 trillion on Sunday, up 1.11% over the past day. The last time bitcoin traded above the $28,000 region was in June 2022, following the collapse of the Terra blockchain and UST. Current statistics also show that the second largest cryptocurrency by market capitalization, ethereum (ETH), jumped 1.7% higher in the last day and 24.3% in the last week.
Of the $1.18 trillion in value, bitcoin’s dominance on Sunday is 45.7%, while ethereum’s is 18.8%. Bitcoin’s top ten trading pairs on Sunday include Tether (USDT), BUSD, USD, KRW, EUR, JPY, USDC, TRY, GBP and CHF. In addition to bitcoin surpassing the $28,000 zone, there is also a small ‘Kimchi premium’ in South Korea, with bitcoin trading for $200 more per unit in the country than most crypto exchanges abroad.
What are your thoughts on bitcoin’s recent price rise and its potential impact on the overall cryptocurrency market? Share your opinions in the comments section below.
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