• Bitcoin has broken above $25,000 on Binance for the third time in three days, defying broader market trends and continuing its bullish run into 2023.
• The overall crypto market cap has surpassed the $1 trillion mark and currently sits at $1.14 trillion.
• Interest in Bitcoin Ordinals has put the blockchain on the radar of NFT collectors and developers since late 2022, and excitement has continued to grow as on-chain activity spike
Bitcoin Breaks Above $25k
Bitcoin has broken above $25,000 on Binance for the third time in three days, defying broader market trends and continuing its bullish run into 2023. Bitcoin reached a local high of $2,050 over the weekend before retracing slightly to $24,880, following a gain of 7.28% since Friday’s low of $23,332. This move follows Bitcoin’s strong performance since the start of January which saw it climb 50% year to date.
Crypto Market Cap Surpasses $1 Trillion
The overall crypto market cap has surpassed the $1 trillion mark and currently sits at $1.14 trillion with only Polygon performing better than Bitcoin (up 18.83%) in the past seven days compared to 13.4% for Bitcoin itself. Cardano and Dogecoin saw modest gains with 1.95% and 1.77%, respectively over 24 hours while Bitcoin rose 0.74%. However, this was followed by an increase of 2% in four hours as it recovered from earlier lows of around 24600 USDT on Sunday trading session according to CryptoSlate analysis showing Futures Open Interest remained flat throughout that weekend while 7k BTC were pulled off exchanges suggesting spot trading driven move was behind this surge.
Ordinals Protocol Excites NFT Collectors
Upgrades to Bitcoin such as Taproot have led way for innovations such as Ordinals protocol allowing Sats to be ‚incsribed‘ with information similar to non-fungible digital asset (NFT) like other chains such Ethereum which is making NFT collectors & developers excited about this technology since late 2022 & that excitement is still growing with increased On-chain activity.
Analysis: Bullish Momentum Gaining
The core psychological resistance of 25000 USDT was tested three times but each time bitcoin falls back below within an hour but this could indicate bullish momentum gaining strength since beginning of January 2023 when it started & raised from 16000 USDT level.
Overall bitcoin is having a good year so far & other projects are also performing well like Polygon (Matic Network) which gained 18% in last 7 Days while Cardano & Dogecoin saw relatively smaller gains but all these point towards a strong bullish trend in cryptocurrency markets throughout 2023 so far.