Bitcoin Mcap Hits 2-Month Peak As Asset Breaks $24k Resistance

Bitcoin valuation has come a long way since the asset’s inception. The asset’s valuation reached a milestone in November of last year when it climbed to $1.27T. The market capitalization has since then dropped below expected margins as unfavorable market conditions persist.

Since June, BTC’s market cap has remained below the $470M mark due to the steadfast Crypto Winter. Notwithstanding, following the recent bear market rally, market capitalization surged back above $470 B. This is a further indication of a bullish trend.

Bitcoin’s $474 Billion valuation is the highest since the June 13 slip

As at time of reporting, data from CoinMarketCap shows BTC’s market cap has reached $474B. This level represents the highest the asset’s valuation has touched since the outset of the downtrend on June 13. This indicates that the current upsurge is the highest the markets have seen since the toughest times of the bear market. A sustained rally can set the asset up for the $25k zone.

With a market dominance of 40.31%, BTC contributes most to the global crypto market cap. As a consequence, this milestone from BTC drove the crypto market capitalization above $1.17T. This is still a long way down from the global market cap of $3T in November of last year.

The recent uptick in the direction of the markets gained momentum shortly after the CPI data reveal. Per the report, US YoY inflation rate is at 8.5%. This data is 0.2% less than the estimate. The crypto community has since then retained bullish sentiments.

BTC trades comfortably above the $24k resistance

BTC had been consolidating around the $23k zone since the start of August. Following the underperformance of late-July, the asset struggled to break the $24k level for a brief moment before plummeting further below $21k.

Although BTC started August on a positive note, it hadn’t been able to break the $24k key resistance till now. Not only has BTC broken the $24k resistance, it is currently trading comfortably above the level at $24,809. The CMC community expects the asset to surge further from here, with a $27k forecast by month-end.

Currently, Bitcoin’s Funding Rate indicates that long position traders are more dominant in the derivatives market. This represents bullish sentiments, as it shows more traders expect the market to surge further. Furthermore, liquidations in the past 24 hours have occurred more with short positions.