Last updated on May 18th, 2024 at 12:31 pm
Bitcoin, the largest cryptocurrency by market cap has reached a new year high, breaking the $53k mark. The most popular cryptocurrency in the world has led the crypto market in a new price rally as the majority of the tokens are now trading in the green zone.
Source: Coinstats
In an exciting development, Bitcoin’s (BTC) price has reached and crossed the crucial $53,000 mark on February 26 according to new data. As a result, the global crypto market cap has now exceeded 2 trillion sitting at $2.05 trillion, representing a 3.54% increase in the last 24 hours.
With this new feat, Bitcoin has reached a new high since November 2021 after the last surge that pushed the price of the coin to its all-time high of $68k.
Meanwhile, Ethereum, the second-largest cryptocurrency by market cap has crossed the $3,000 mark trading at $3,153 according to Coinstats data. Ethereum has been on a steady upward trend for over 10 days, reaching the $3k price zone for the first time since March 2022.
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Ether is the most likely next candidate to get a spot ETF approval given its dominant position in the cryptocurrency market. Even before the Bitcoin ETF approval by the United States SEC, there were rumors about it circulating the internet, and now there is more opportunity for ETH.
Other cryptocurrencies in the top 10 list including BNB, Solana (SOL), and Cardano (ADA) are also exhibiting impressive price growths. According to fresh data, BNB, SOL, and ADA have grown by 3.5%, 4.7%, and 4.5% respectively in the last 24 hours.
Will Bitcoin get to $58k?
Meanwhile, a Swissblock crypto analyst pointed out that Bitcoin has finally broken out from the range it has been in since Feb. 15, adding that “all sails are set” and that “the momentum is moving up strongly.”
Furthermore, he added that the next possible price target for Bitcoin to reach is the $57,000-$58,000 range, stressing that a new all-time high is imminent if Bitcoin breaks past this point.
According to Coinstats data, Bitcoin is currently trading at $53,241 representing a 3.51% increase in the last 24 hours. Consequently, the market cap of the token has surged to $1,045,574,137,259 ($1.04 trillion) taking up more than 50% of the global crypto market cap.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.