In the last 24 hours, the cryptocurrency sector has witnessed a surge in market capitalization, exceeding $110 billion and inching closer to the $2.2 trillion milestone. This growth is primarily attributed to positive movements in Bitcoin, Ethereum, BNB, and a majority of altcoins.
Let’s take a closer look.
Bitcoin’s value has surged by an impressive 11.5% over the past week. Currently, traders are contending with an important psychological and technical resistance point at $60,000, with today alone marking an increase of approximately 2.6%.
BTC has been on a steady rise throughout the week. Initially, bulls faced challenges in pushing prices higher, attempting to breach the $55K mark multiple times last weekend. However, a significant change occurred on September 10th when the value surged towards $58,000. The price stabilized at that level for several days, and now the bulls are striving to overcome yet another crucial resistance.
The altcoin sector is also witnessing remarkable performance. Ethereum has recorded gains of over 8%, BNB has risen more than 13%, and SOL has increased by more than 9%.
It’s important to highlight that this renewed bullish trend has solid backing.
MicroStrategy, the largest corporate holder of Bitcoin, has expanded its BTC holdings. Michael Saylor announced today an astounding purchase of $1.1 billion at an estimated price of around $60,000 per BTC. This development has likely provided support to the market, helping to avert a more severe downturn in recent weeks.
Former US President and current Republican presidential candidate, Donald Trump, has announced plans to launch a digital currency initiative known as World Liberty Financial. This platform is expected to include a digital wallet, credit account functionalities, and lending options using stablecoins.
Overall, the past week has been quite eventful in the crypto space, particularly with the US presidential elections approaching.
Market Overview
Market Cap: $2.189T | 24H Vol: $76B | BTC Dominance: 54%
BTC: $59,961 (+11.2%) | ETH: $2,427 (+8.3%) | BNB: $555 (+13.7%)
This Week’s Must-See Crypto News
XRP Surges 7% Following Grayscale’s Ripple Trust Launch. XRP has jumped by 7% after Grayscale’s announcement on September 12th regarding the launch of its XRP Trust, sparking optimism for potential future ETF approvals.
MicroStrategy Confirms Massive $1.1 Billion Bitcoin Acquisition. Michael Saylor, co-founder and current chairman of MicroStrategy, announced on Friday that the company has acquired $1.11 billion worth of BTC at an approximate price of $60,408 per coin.
Indicators Point to Bitcoin’s (BTC) Bull Market Being in Its Early Stages: CQ. Several indicators suggest that Bitcoin’s bull market might just be beginning, according to a notable analytics firm, with growing stablecoin reserves being one of the key factors.
Trump Reveals Launch Timeline for World Liberty Financial. Donald Trump – the former US President and current candidate – has disclosed plans to launch a digital currency-focused project called World Liberty Financial.
Standard Chartered Sets Bitcoin Price Targets Based on Trump or Harris Wins. The multinational banking corporation Standard Chartered has provided Bitcoin price targets tied to the outcome of the upcoming US elections on November 5th, depending on whether Donald Trump or Kamala Harris emerges victorious.
Coinbase’s Wrapped Bitcoin (cbBTC) Set to Launch on Base and Ethereum. cbBTC, a wrapped Bitcoin from Coinbase, the leading US-based cryptocurrency exchange, is set to launch on the Base and Ethereum networks, with plans for additional chain support in the future.
Market Charts
This week’s market analysis features charts for Ethereum, Ripple, Cardano, Binance Coin, and Solana – click here for the full price analysis.
Exclusive Binance Offer: Free $600 (CryptoPotato): Register a new account via this link to receive an exclusive welcome offer of $600 on Binance (complete details).
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, sign up using this link and open a 100 USDT-M position for free!
Disclaimer: The information provided on CryptoPotato reflects the views of the authors quoted and does not represent CryptoPotato’s perspective on investments. It is recommended that you do your own research before making any investment decisions. Use this information at your own risk. Refer to the Disclaimer for more details.
Cryptocurrency analysis charts by TradingView.