The past week has seen Bitcoin (BTC) and the top ranked cryptocurrencies engage in an intense crypto rally. Things have now shifted into overdrive the Bitcoin rally has taken Bitcoin past $12,800, breaking a mental barrier for many. The total cryptocurrency market capitalization has also ballooned north of $380 billion.
Bitcoin Passes $12,800 & Total Cryptocurrency Market Cap crosses $380 billion
At the time of writing, the price of Bitcoin is around $12,816. As such, Bitcoin’s parabolic advance has continued to swell. In fact, Bitcoin has rallied over 25% in less than five days, since first breaking the $10,000 barrier.
Bitcoin intensely shot past $11,00 and this Bitcoin rally has taken the first mover cryptocurrency’s price north of the psychologically significant $12,500 line.
The total crypto market cap is currently at $380 billion. This represents a massive increase of around $120 billion in less than two weeks.
Bitcoin market dominance at Two-year high
Bitcoin’s recent rally has brought Bitcoin’s market dominance above 60%. At the time of writing, Bitcoin holds a market percentage of 62.21% over the wider cryptocurrency market. This means that Bitcoin’s market dominance is the highest it has been in over two years.
It can be speculated that the Facebook’s reveal of its centralized crypto project “Libra” has something to do with it., given the major companies involved with the project. It can also be speculated that it could be due to a Bitcoin ETF for Retail and Institutional Investors was recently being approved, and Major Companies like AT&T, Nordstrom, Wholefoods, and more now accept Bitcoin as payment.
It is unclear whether Bitcoin (BTC) will continue to rally, or whether the premier cryptocurrency will retrace and consolidate these massive gains, before continuing it trend upward. Given we are essentially entering uncharted territory at this $12,800 price, only time will truly reveal.