Bitcoin reached a high of $28,422 per unit on Sunday around 3 p.m. ET as the top cryptocurrency has continued to rise for the past week. Since last Sunday, bitcoin’s value has risen 37.9% against the US dollar, and the cryptocurrency’s overall market capitalization has risen to $546 billion.
Global cryptocurrency market valuation increases 1.11% to $1.18 trillion; Bitcoin dominance remains above 45%
Just before 3 pm ET on March 19, 2023, Bitcoin (BTC) it topped the $28,000 zone, rising to $28,422 a unit on Sunday afternoon. Currently, the value of the leading cryptocurrency is hovering within that region, just above $28,300, after meandering just below $27,925 per unit. Bitcoin has gained more than 37% against the US dollar in seven days, and in the last 24 hours, it has risen about 3.5% more.
Currently, there are $42.9 billion in global bitcoin transactions out of the $203 billion in trading volume among all existing digital assets. While Bitcoin peaked at $28,422 on Sunday, it also recorded a low of $27,009 per unit over the course of the day. Bitcoin has $23.94 billion left to surpass Tesla’s market cap of $569.94 billion become the tenth largest asset by market valuation.
The valuation of the global cryptocurrency market was $1.18 trillion on Sunday, an increase of 1.11% from the previous day. The last time Bitcoin traded above the $28,000 region was in June 2022, following the collapse of the Terra blockchain and UST. Current statistics also show that the second largest cryptocurrency by market capitalization, Ethereum (ETH)it jumped a further 1.7% over the past day and 24.3% over the past week.
Of the $1.18 trillion in value, bitcoin’s dominance on Sunday is 45.7%, while ethereum’s is 18.8%. Bitcoin’s top ten trading pairs on Sunday include Tether (USDT), BUSD, USD, KRW, EUR, JPY, USDC, TRY, GBP and CHF. In addition to Bitcoin breaking above the $28,000 zone, there is also a small ‘Kimchi premium’ in South Korea, with Bitcoin transactions for $200 more per unit in the country than most crypto exchanges abroad.
What do you think about the recent bitcoin price surge and its potential impact on the broader cryptocurrency market? Share your thoughts in the comments section below.
image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.