On Tuesday, September 27, the price of Bitcoin (BTC) surged above the $20,000 level as the cryptocurrency market as a whole moved closer to its $1 trillion market cap. This increase was supported by the quieter turmoil that swept the global markets this week.
Notably, the broader cryptocurrency market has added more than $50 billion to its capital, jumping from $921 billion on September 26 to $974 billion on September 27, according to data obtained by Coinphony from CoinMarketCap.
Bitcoin breaks the resistance above $20,000
The rally represents a 5.48% increase from the previous day as the total cryptocurrency market volume in the last 24 hours reached $85.68 billion, representing a 47.30% increase.
Elsewhere, the leading digital asset is trading at $23,216, up 7.03% in the past 24 hours and 4.47% in the past seven days. Bitcoin’s total market capitalization is now $388 billion, with the dominance currently at 39.84%, up 0.65% on the day.
Interestingly, a behavioral analysis platform feelings pointed On September 27, three and a half times as many Bitcoin transactions were completed on the day the address was profitable compared to the addresses that were losing.
It looks like a lot of merchants have been waiting for the $20,000 minimum to start selling their bags. When Bitcoin crossed again above this psychological level, huge profit taking ensued. Now we find out if those eager to sell will regret their decisions.”
The gains came during a period of relative calm in global markets after sharp declines in stocks, bonds and commodities, in response to the rapid tightening of monetary policy to combat inflation and fears of a recession.
Over the past month, digital tokens have proven stronger than traditional assets, fueling speculation that the worst may be over for cryptocurrencies: the MVIS CryptoCompare Digital Assets 100 Index has lost just 1% during that time, while bonds have lost 6%. Global, over 10% for global stocks and 11% for commodities.
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Post-Crypto Market Adds Over $50 Billion in 24 Hours as Bitcoin Rally above $20,000 debuted on Coinphony.