Bitcoin Price Moves above US$35,000 Level, Cryptocurrency Market Inches Towards US$1-Trillion Economy

Bitcoin price against the US Dollar (BTC/USD) has again started rallying after a day of correction. It has now broken above the psychological resistance of the US$35,000 level for the first time, reaching an all-time new high at US$35,751.00 on January 5, 2021. 

On January 3, 2021, the BTC/USD pair reached a record high at just below the US$35,000 level. The bulls couldn’t push above this psychologically important level and the Bitcoin price slid down to US$28,000 the following day. However, the bulls again took charge and pushed the price above the US$35,000 level at around 4.30 am (UTC).

Bitcoin has increased by around 22% in the last 7-days. If we consider the return since December 16, the Bitcoin price has increased by around 80%. Reports say that this new rally started after the U.S. Office of the Comptroller of the Currency allowed the federally chartered banks in using stablecoins and public blockchains for settlement. 

The other cryptocurrencies are also growing robustly. Ethereum’s price, for example, has increased by around 60% during last week, pushing the ETH price above the US$1,100 level. 

In the past few days, other cryptos that have gained handsomely are  Litecoin, Chainlink, Polkadot, and Cardano. In fact, after the US SEC lawsuit filing, XRP price has crashed, making way for Litecoin to become the 4th-most valuable cryptocurrency 

This phenomenal performance by Bitcoin and other cryptocurrencies has made the global crypto market inch towards the coveted US$1-trillion economy. The current market cap of the global cryptocurrency market is US$938.44-billion.