Bitcoin capitalization has surpassed $ 500 billion as bulls fight for $ 27,000.
From Thursday to Sunday, the price of bitcoin increased daily by about $ 1000, which led to a rapid growth in the capitalization of a digital asset to $ 0.5 trillion.
After a failed Sunday attempt to storm the $ 28,000 level, during which the rate briefly reached $ 28,370, the bulls weakened the onslaught. At the time of publication, the market is undergoing a correction and MTC trading at $ 26,950 with a daily decline of 2.9%. Since the beginning of the year, the rate of the first cryptocurrency has grown by 270%.
The price increase pushed bitcoin’s capitalization to $ 500 billion, bringing the asset closer to the value of the Chinese trading giant Alibaba with its $ 545.4 billion..
Analysts believe that the growth of the MTC exchange rate stimulates the printing of new dollars in the United States to mitigate the effects of the pandemic on the economy, increasing inflation, and the resulting high interest of investors in cryptocurrency as a hedging tool. At the same time, they note that on the weekend, growth occurred with insignificant trading volumes..
text: Ivan Malichenko, photo: Shutterstock