Bitcoin watchers have seen the cryptocurrency jump to roughly $25,000 after the crypto market capitalisation reached $1.17 trillion, reports showed.
The price of the cryptocurrency king hit $24,500, a 12.4 percent increase from last week. Ethereum, the second-biggest digital currency by market capitalisation, topped $1,689 USD, an 11.7 percent spike from last week.
Additional virtual currencies rose along with BTC, with Solana, Polkadot, and Polygon gaining 20 percent, 19 percent, and 18.5 percent, respectively.
One user stated that BTC could potentially reach $27,000 USD shortly with a candle formation.
Degen Ape Trader said at the time: WIf this red line get smashed. We may see a $btc god candle to 27k area in a short time. Basically no resistance till 27-28k for #btcusdt after 25250.”
Crypto Market Triggers
The news comes after massive fluctuations took place due to US Federal Reserve and Securities and Exchange Commission disruptions in the crypto economy.
According to reports, Bitcoin hovered earlier this month around $23,000 USD after the Fed launched several interest rate hikes to tackle ongoing monetary inflation.
Additional concerns with the SEC lawsuit against cryptocurrency giant Binance, whom the regulatory body accused of selling crypto-related securities. News of the litigation, linked to Paxos-minted Binance USD (BUSD), triggered massive net outflows of roughly $831 million USD at the time.
