Bitcoin price reclaims the $27,500 mark, $27,000 breakthrough signals a bullish wave, following a temporary decline to $26,500 in celebration of Bitcoin pizza day, the digital currency swiftly altered its course and surged by nearly $1,000.
Moreover, alternative cryptocurrencies are also experiencing modest gains, as ETH, MATIC, AVAX, DOGE, and TRX all register a daily increase of approximately 5%.
Bitcoin Price Reclaims $27,500 Mark
Bitcoin price reclaims the $27500 mark, marking a significant milestone in its price movement. Over the past week, the leading cryptocurrency has been trading within a relatively narrow range.
Bitcoin price range over the past seven days increase to 3.4%, a level rarely witnessed in the past three years.
Historically, whenever Bitcoin price experienced such tight price consolidation, it was invariably followed by a substantial price swing in either an upward or downward direction.
Presently, Bitcoin is still confined within this range. On the occasion of Bitcoin pizza day, the cryptocurrency briefly dipped to the lower end of the range, touching $26,500.
However, bullish market participants swiftly entered the scene, propelling the price upward and driving it to a multi-day peak of nearly $27,500.
Despite its inability to sustain further gains, Bitcoin price is currently trading above the $27,000 mark. The cryptocurrency’s market capitalization has approached $570 billion, while its dominance over alternative cryptocurrencies remains at 46.4%.
Read More: Bitcoin Pizza Day Story: Celebrating 13 Years of Bitcoin Pizza Day to Inspire Global Festivities
Ethereum Price is Currently Trading at $1,830
Similar to Bitcoin price, Ethereum (ETH) limited price movements in recent days, gradually losing ground. It was on the verge of falling below the $1,800 level.
However, a 2.5% increase in the past 24 hours prevented this scenario, and the second-largest digital asset is currently trading at $1,830.
Other prominent altcoins such as Polygon, Shiba Inu, Tron, and Avalanche have also demonstrated similar price jumps. BNB, DOGE, DOT, LTC, ADA and SOL have experienced gains as well, albeit more modestly.
Noteworthy daily price increases have been observed in KEY (22%), Conflux (14%), KAVA (1o%), and Render Token (17%).
As a result of these upward movements, the total market capitalization of the cryptocurrency market has increased by approximately $20 billion in a single day, reaching $1.140 trillion.
Please note that market conditions are subject to change, and prices may fluctuate.
Did you find this crypto market analysis helpful? Stay updated about the latest crypto market update.
Please continue to follow my analysis and feel free to ask any queries, you may have. I am here to assist you.