Bitcoin’s market cap surged as it crossed $27000 for a while, even as crypto investors cheered and turned it into a buying opportunity.
The crypto market continued to display optimistic signs, brushing off any concern from the Federal Reserve. The upcoming FOMC meeting of the Federal Reserve could be the next macroeconomic trigger for the market. But crypto investors have carried forward Bitcoin in the last few days with firm support.
In the last 24 hours, bulls helped BTC cross $27000. It couldn’t consolidate, though, and is trading above $26500. The mark has been the support for BTC for the last couple of days. Long-term investors in crypto could also be betting on a pause in interest rate hikes. The combined factors have helped Bitcoin trade in the green.
Institutional investor interest has also increased in the crypto market lately. With a record number of ETF applications, large investment firms could be looking forward to bringing record inflows to the market.
Other crypto tokens like ETH also saw gains with Bitcoin. XRP, Cardano, Dogecoin, and Solana saw their trading levels increase with the positive market sentiments. If BTC could hold on to its current market cap of $511 billion, it could end the week above its current levels.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26850 on September 19, 2023, with BTC/USD trading higher by 0.3% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (26,225.50) as BTC’s 24-hour volume increased to around $15 billion. Bitcoin has seen around 61.95% returns on a year-to-date basis.