- Bitcoin has rebounded to $28,000 after hitting support levels, indicating the crypto market’s resilience and growth potential.
- BTC has solidified its position as a leading digital asset, despite the increased regulatory scrutiny that cryptocurrencies have been facing lately.
- The global market capitalization for cryptocurrencies stands at $1.18 trillion, with DeFi accounting for 10.68% of the 24-hour crypto market volume.
Bitcoin (BTC), the world’s leading cryptocurrency, has seen a significant rebound from its recent lows, surging back to the $28,000 mark after hitting support levels. The cryptocurrency had sharply declined in the past few weeks, leading many to believe that the much-anticipated bull run might be over. However, the recent recovery suggests that the crypto market is still resilient and has much growth potential.
The bounce-back in Bitcoin’s price has relieved investors anxiously watching Bitcoin’s recent dip. In the past few weeks, Bitcoin had been struggling to stay above the $28,000 mark, which had been a crucial resistance level for the cryptocurrency.
Over the last seven days, Bitcoin bulls have propelled the cryptocurrency’s price above the $28K threshold. As a result, the queen of cryptocurrencies has established a fresh seven-day high, reaching $29,159.90. In addition, the market dominance of Bitcoin currently stands at 46.42% which has an increase of 0.09% in the last 24 hours, indicating the significant role the digital asset plays in the broader crypto market.
The recent rebound of Bitcoin suggests that the cryptocurrency has found a consolidation level for its price. In recent times, the cost of BTC has remained relatively stable, hovering around the $28K mark. This stability indicates that Bitcoin has solidified its position as a leading digital asset, despite the increased regulatory scrutiny that cryptocurrencies have been facing lately.
Bearish Momentum in Bitcoin Market
Based on the latest information from CoinMarketCap, Bitcoin is currently experiencing a downward trend in its trading, resulting in a 0.35% decrease in price. The current trading value for Bitcoin is $28,231.87, and the support and resistance levels are at $27,607.67 and $28,475.62 respectively, indicating that the market is currently controlled by bears.
The 24-hour trading volume for BTC has increased by 64.02%, currently standing at $16,494,758,402, while its market capitalization has decreased by 0.42% to $545,650,114,746.
BTC/USD 24-hour price chart (source: CoinMarketCap)
The current global market capitalization for cryptocurrencies stands at $1.18 trillion, reflecting a decrease of 0.53% over the past day. However, there has been a significant increase in the total trading volume of cryptocurrencies, which now stands at $39.10B, reflecting a 41.48% surge.
Within the crypto market, Decentralized Finance (DeFi) has a total trading volume of $4.17B, accounting for 10.68% of the 24-hour crypto market volume. Stablecoins have a total trading volume of $34.59B, which represents a substantial 88.47% of the total crypto market 24-hour volume.
