Bitcoin Hits Major Milestone As Crypto Market Cap Surpasses $650 billion
Bitcoin (BTC) price continues to prove bullish, with the coin breaking records in recent days. This bullish trend has affected the crypto market cap, with several altcoins making huge gains over the weekend.
Bitcoin Sets New All-Time High
Bitcoin (BTC) recorded a new milestone on Saturday, 19th of December, setting a new all-time high. The leading coin began the day trading around the $22,700 mark before embarking on a massive bullish run.
This run was buoyed by fundamental news as more institutions announced massive purchases of BTC. Bitcoin quickly surged past the $23k mark and began a rally towards $24k. Within hours the volatile nature of the crypto asset moved in a positive direction, and BTC reached the $24k mark.
Data on major exchanges like Coinbase shows that Bitcoin hit an all-time high of $24,210. While data from the price aggregator platform, CoinMarketCap records the all-time-high at $24,085.
At the time of writing, Bitcoin has witnessed a retracement in recent hours and is trading around $23,468. If the bullish run continues, Bitcoin could make a renewed push towards $25k by the end of the week. At the same time, a major price drop could see the coin drop back to $22k support levels.
Crypto Market Cap Surpasses $650 billion
As expected, the bullish run from Bitcoin caused a ripple effect in the market, with most coins trading green. The total market cap surpassed $650 billion in the last 24 hours. This was buoyed by the increase in the value of several coins with Litecoin in the midst of a major bullish run. Also, Tether’s total market cap surpassed $20 billion, indicating that more people are buying Bitcoin.
Leading altcoin, Ethereum is down by 1.32% in the past 24 hours and is trading at around $645. Ethereum is up 11% in the past week and hit a yearly high of $666 on Friday. Despite this rally, its price remains 55% lower than its historic levels in January 2018, when it reached $1,448.
Other altcoins have also lost value in the last 24 hours, with Chainlink 4.19%, Cardano 3.13%, and Polkadot 5.41%. The major question is, will Bitcoin continue to progress or undergo a marked correction? The coming days will provide a clearer picture.