Bitcoin Weekly Gains Exceed 37%, Price Soars Above $28K

Sunday Afternoon A Moment Long Anticipated By Bitcoiners

The moment, which the Bitcoiners were waiting for a very long time, came on the afternoon of this past Sunday.

On that day, at about 3 p.m., Bitcoin price breached the price benchmark of $28,000. At that time, Bitcoin’s single unit price went as high as $28,422.

Later on Sunday, it was also reported that Bitcoin’s weekly gains were more than 37.9%. As a result whereof, lead cryptocurrency’s global market cap also increased significantly, reflecting the same exceeding $546 Billion.

As of today, there is more than $203 Billion worth of cryptocurrencies available for trading in the global markets. Out of $203 Billion, tradable Bitcoins in the market account for approximately $43 Billion.

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Although, Sunday’s gains for Bitcoin were more than just ‘exceptional despite that Bitcoin saw its value drop in the latter half of Sunday. Resultantly, Sunday gains for Bitcoin i.e. 3.5% were reduced to a price of $27,009.

Bitcoin Market Cap vs. Tesla’s Market Valuation

Bitcoin’s existing market valuation is $546 Billion which makes it the 11th biggest asset in the global market in terms of market cap.

For Bitcoin to become the tenth biggest asset, it needs $24 Billion to take down Tesla whose present market cap is $569.94 Billion.

The asset has continued breaking many records in the past and it is also among some of the largest currencies in the entire world.

Global Valuation of Cryptocurrencies Gone Past $1 Trillion

At the present moment, Bitcoin has been selling at $27,917.00 which is still considered a fragile price range for Bitcoin. There are chances that the price of Bitcoin may falter and start moving in a downward direction at any time.

However, the global crypto economy saw enormous volatility on Sunday which subsequently gave rise to individual values of entire cryptocurrencies. The biggest gainer of Sunday was Bitcoin with its value swelling up to $28,422.

The asset is still flying high and it may continue climbing higher in the upcoming days. It seems that the confidence level of the investors is high and they want to push its price higher as the rally continues.

Sunday trading also boosted the global crypto economy by at least 1.11% which was enough for taking to total market cap beyond $1 Trillion. At the end of Sunday, the crypto economy’s market cap was hovering above $1.18 Trillion.

Bitcoin Fetches Back Its June 2022 Value

It was in June 2022, when Bitcoin was trading hands at the price range of $28,000.

At that time, the famous Terra Luna network had fallen recently but the fall had not impacted the progression of Bitcoin. By the time Bitcoin reached mid-November, 2022, its value soared above $69,000 per unit.

Ethereum’s Sunday Gains vs. Bitcoin

Ethereum also joined Bitcoin’s Sunday rally and managed to see a value increase of up to 1.7%. In the case of Ethereum, however, Sunday gains were not as promising as they were for the lead crypto coin i.e. Bitcoin.

Similarly, the weekly gains of the two lead crypto economies were more than 24.3% for Ethereum and 37.9% for Bitcoin respectively. Even in this threshold, Bitcoin could easily be seen heading far above Ethereum.

On the positive side, both crypto market leaders have been maintaining their dominance in the digital asset industry.

Even after Sunday’s gains, Bitcoin continues to be on top of the global crypto economy with its total share in the economy over 45%. On the other hand, Ethereum continues to dominate the market with its economic contribution of nearly 19%.

Apart from Bitcoin and Ethereum gains, promising value gains were also seen in the economies of Tether, BUSD, DOGE, SHIB, Bitcoin Cash, etc.

Sunday’s rally also brought gains even for the global forex market in which the major earners were USD, GBP, JPY, EUR, CHF, etc.

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