Bitcoin breaks $25k once again as bullish momentum gains

Bitcoin continues its bullish run into 2023, bucking broader market trends by surpassing $25,000 for the third time in three days on Binance. “

After gaining 7.28% from Friday’s low of $23,332, Bitcoin has returned slightly to $24,880 after hitting local highs of $2,050 over the weekend.

BTC-US Dollar
Source: Trading View

The $25,000 core psychological resistance was also tested on February 17th and 18th, and the top cryptocurrency by market capitalization failed to make a convincing breakthrough. Every time Bitcoin has crossed his $25,000 throughout 2023, it has fallen below within an hour.

However, the move follows Bitcoin’s strong performance since the beginning of January, which has climbed 50% to date. Bitcoin started the year at around $16,000, but has steadily climbed in the first few months.

Source: Trading View

Bitcoin also spearheads the overall crypto market capitalization increase, which has surpassed $1 trillion and is currently hovering at $1.14 trillion. Polygon is the only top 10 project with a better 7-day performance, with him up 18.83% last week compared to Bitcoin’s 13.4%.

crypto market capitalization
top 10 crypto projects

Over the past 24 hours, Cardano and Dogecoin lead the top 10 with gains of 1.95% and 1.77% respectively, while Bitcoin is up 0.74% at the time of writing. However, Bitcoin is also up 2% over the past four hours, recovering from Sunday’s low of $24,600.

Futures open interest remained flat over the weekend, with 7,000 BTC pulling away from the exchange, suggesting the move was due to spot trading, according to CryptoSlate analysis.

ordinal excitement

Upgrades to Bitcoin such as Taproot paved the way for innovations such as the Ordinals protocol, allowing Sats to “embed” information similar to NFTs on other chains. The technology is different, but the result is a non-fungible digital asset similar to his NFTs on other chains such as Ethereum.

With interest in Bitcoin Ordinals, blockchain has been on the radar of NFT collectors and developers since late 2022, and excitement continues to grow as on-chain activity surges. There is no argument that while Ordinals divided the Bitcoin community, it put the spotlight on Bitcoin, a major cryptocurrency project.

At the time of press, Bitcoin ranks first in terms of market capitalization, and the price of BTC is Up 1.7% Within the last 24 hours. The market capitalization of BTC is $484.2 billion 24 hours trading volume $20.15 billion. Learn more >

BTCUSD chart by TradingView

Bitcoin on-chain analytics
Market overview

At the time of press, the global cryptocurrency market is valued at $1.14 trillion 24 hours volume $46.54 billionBitcoin dominance is now 42.58%. Learn more >

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