Bitcoin Hits New All-Time High Above $28,500

Published by Cyber Flows on

According to data TradingView, the leading cryptocurrency tackled its existing historic top during trading on Wednesday.

Following a strong resurgence overnight, Bitcoin confirmed that the bulls are in control even after briefly dipping as low as $25,830 over the past 24 hours.

Bitcoin is trading at $28,350 at the time of writing. Over the past day, bitcoin has grown in price by 7.4%, over the week – by 19.6%.

The capitalization of the flagship cryptocurrency at the time of writing was $530 billion, the dominance index was 69.2%.

BTC/USD 1-hour chart (Bitstamp). Source: TradingView

The move brings Bitcoin ever closer to sealing $30,000 as a new psychological level before the end of the year, something which seemed all but impossible just one week ago.

However, some analysts still believe that a reversal could take Bitcoin down to existing support at $19,500.

On Tuesday, analyst Michaël van de Poppe nonetheless highlighted $27,500 as the critical area to break in order to pave the way for new all-time highs.

Ether price leads altcoin gains

The knock-on impact among major cap altcoins was clearly felt, with Ether (ETH) nearing $740 after rising 5.5% on the day.

Polkadot (DOT) added to existing strength to see weekly performance approach 50%.

As before, the exception was XRP, which maintained 10% daily losses as continued delistings by major exchanges further weighed on sentiment. The troubled coin nonetheless managed to reclaim $0.20.

Source: atozmarkets.com

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