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Friday, January 27, 2023

Bitcoin Price Touches $20k

The cryptocurrency market continues to grow, with the total market cap reaching $215 billion as of press time on Monday. The rally comes amid reports that bitcoin (BTC) could reach an all-time high within just a week if it hits $20,000 per coin—which would result in an estimated $10.4 billion increase in its market capitalization and push total market value above the $1 trillion mark for the first time ever.

The total market cap for cryptocurrencies is now hovering near $200 billion, with about half of that coming from bitcoin alone—a far cry from December 2017 when it exceeded $800 billion in total market cap value before falling back down to levels below that today. The top 4 coins by market cap are: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Tether (USDT) with Litecoin following at #5 spot with its price hovering around $56 UDS/1 LTC ($56).

Bitcoin Price Going Strong

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Bitcoin (BTC) is up 13.5% and Ether (ETH) has jumped 19% in the past 24 hours as of press time on Monday.

The total crypto market cap is now around $199 billion, pushing it closer to $1 trillion for the first time in nearly three months. Bitcoin accounts for over 41 percent ($83 billion) of this figure, while Ethereum takes second place with a market cap of $37 billion.

Bitcoin has been trading at around $19,000 during March 2019, but its price has dropped by 2 percent over the last 24 hours – from $18,800 to roughly $18,600 at press time on Monday night. In comparison with Ethereum’s growth rate of about 20%, BTC lost about 5% at current levels – from around $15,300 to just under $14600 at press time Monday night.”

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Meanwhile, Tether (USDT), the largest stablecoin by market capitalization and most traded cryptocurrency in the world, has recently seen a 12% rally on Sunday. According to CoinGecko data, USDT has risen by 3.3% on Monday to trade at $1.00 apiece.

The price of Bitcoin Cash (BCH) dropped below $600 per coin for the first time since December 22nd after Binance announced it would delist BCH from its platform due to low liquidity and support from miners who refused to mine blocks for an hour on Saturday night.

Bitcoin’s price has been moving toward $20K ever since hitting an all-time high of nearly $16K yesterday morning before dropping down slightly over the course of this week but still posting gains consistently throughout that time period when compared with its daily price movements during previous months such as November or December when BTC prices were falling almost every day.”

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