Bitcoin’s (BTC) Price Surge Helps Crypto Market Spike $25 Billion In Just A Few Days
- The cryptocurrency market reached a total valuation of $325 billion
- Thanks to Bitcoin’s price increase the market was able to continue growing
Bitcoin (BTC) has recently surpassed $10,000 and it moved above $11,100 for a brief period of time on June 22nd. After June 21st, the whole market gained over $25 billion value helped by Bitcoin that has been in a positive trend during the last months.
Bitcoin Helps The Crypto Market Surge $25 Billion
The cryptocurrency market was able to surge from $300 billion to $325 billion in just a few days. As Bitcoin expanded in the market, other digital currencies followed the trend of Bitcoin, including Ethereum (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), and Binance Coin (BNB), among others.
Since the beginning of the year, the price of Bitcoin more than doubled, while other digital assets such as Litecoin or Binance Coin have more than tripled in value. The price increase that Bitcoin experienced until $11,100 could continue in the coming weeks.
According to Mohi Sorout, a general partner at Bitazu Capital said that there is little resistance between $12,000 to $20,000. That shows that the virtual currency could reach its previous all-time high in the near future. He said that one Bitcoin breaks $12,000 there is going to be no resistance at all.
News Flash: There is no real resistance between $12k & $20k
Once $12k breaks instantly shift base to mountains, stop selling your $BTC for petty bills
But beware of wild animals there – they're waiting for your precious BTC. LEARN CLOSE COMBAT, you'll need it.#BitcoinIsBack
— Mohit Sorout 📈 (@singhsoro) June 22, 2019
Additionally, the recognized chartist and expert, Peter Brandt, mentioned that Bitcoin is entering a new parabolic phase that could help the price of Bitcoin reach $100,000 in 2020. He wrote on Twitter that he has never seen any other market in 45 years of trading go parabolic on a log chart in this way. “Bitcoin is a market like no other,” he said.
Bitcoin takes aim at $100,000 target. $btcusd is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other. pic.twitter.com/wE4j3riMgI
— Peter Brandt (@PeterLBrandt) June 22, 2019
Although Bitcoin is the most popular digital currency in the world and it has captured the attention of many different individuals, Google Trends shows that the interest for the cryptocurrency remains far from its all time high that the asset reached in 2017.
At the time of writing this article, Bitcoin has a market capitalization of $190 billion and a price per coin of $10,720. The whole crypto market has now a total valuation of $325 billion.