Bitcoin market cap cracks $1 trillion mark for first time

 

BTC milestone bitcoin market cap cracks $1 trillion mark

  • Bitcoin has seen some wild price action in recent days, with the bulls pushing the cryptocurrency higher and ending the recent consolidation phase.
  • This has allowed the benchmark cryptocurrency to surpass the $1 trillion market cap milestone.
  • It is now one of the world’s largest currencies by market capitalisation and ranks high when compared to the market capitalisations of the world’s largest companies.
  • The cryptocurrency shows no signs of slowing down, with institutional TWAP orders generating a premium to spot BTC.
  • This means big buyers are likely behind the move, which comes just days after multiple sell-offs in BTC flushed out over-leveraged traders.

Bitcoin and the entire cryptocurrency market have been gaining strength in recent days and weeks, with Profit Secret review buyers taking control of BTC and sending BTC to new all-time highs.

The cryptocurrency just crossed the $1 trillion market cap milestone -a monumental event that only underscores how far crypto has come in recent years.

One trader now sees even more short-term upside pressure and states that the next target for him is somewhere in the lower $60,000 region.

Bitcoin shows signs of strength as it surpasses $1Billion

Currently (time of writing) Bitcoin (Can Bitcoin Crash?) is trading at $55,300, marking a massive rise from its recent lows of $50,800 set last night.

The entire market is showing immense signs of strength right now, with the exception of DeFi altcoins, which have slid lower as investors rush to get exposure to Ethereum.

MicroStrategy has completed its Convertible Note Offering, which means a billion dollars will flow into BTC. This could be the source of the recent surge.

Analyst: BTC likely to rise further before meeting resistance

With large buyers currently aggressively buying bitcoin, it is unlikely that a retracement will be too severe in the short term.

This could be the reason why one analyst expects a significant further rise for BTC in the short term and is targeting a move to the $60,000 region next.