In particular, the wider cryptocurrency market added over $50 billion to its capitalization climbing from $921 billion on September 26 to $974 billion on September 27, according to data retrieved by Finbold from CoinMarketCap.
Bitcoin breaks above $20,000 resistance level
The climb represents a 5.48% increase over the last day with the total crypto market volume over the last 24 hours being $85.68 billion, making a 47.30% increase. Elsewhere the flagship digital asset is trading at $23,216, up 7.03% in the last 24 hours and a 4.47% across the previous seven days. Bitcoin’s total market value now stands at $388 billion, with a dominance of currently 39.84%, an increase of 0.65% over the day. Interestingly, behavioral analysis platform Santiment noted on September 27 there were three and a half times as many Bitcoin transactions completed on the day when an address was profitable as there were for addresses that were at a loss. The gains occurred during a period of relative calm in global markets after severe declines in stocks, bonds, and commodities, in response to rapidly tightening monetary policy to combat inflation and fears of a recession. In the previous month, digital tokens have shown to be more robust than conventional assets, which has sparked speculation that the worst may be over for cryptocurrencies: the MVIS CryptoCompare Digital Assets 100 Index lost just 1% over that time, while losses of 6% for global bonds, over 10% for world stocks, and 11% for commodities. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
