Bitcoin breaks $25k once again as bullish momentum gains

Bitcoin continues its bullish run into 2023, bucking broader market trends by surpassing $25,000 for the third time in three days on Binance. “

After gaining 7.28% from Friday’s low of $23,332, Bitcoin has returned slightly to $24,880 after reaching local highs of $2,050 over the weekend.

The $25,000 core psychological resistance was also tested on February 17th and 18th, and the top cryptocurrency by market capitalization failed to make a convincing breakthrough. Every time Bitcoin has crossed his $25,000 throughout 2023, it has fallen below within an hour.

However, the move follows Bitcoin’s strong performance since the beginning of January, which is up 50% to date. Bitcoin started the year at around $16,000, but has steadily climbed in the first few months.

Bitcoin also spearheads the overall crypto market capitalization increase, which has surpassed $1 trillion and is currently hovering at $1.14 trillion. Polygon is the only top 10 project with a better 7-day performance, with him up 18.83% last week compared to Bitcoin’s 13.4%.

Over the past 24 hours, Cardano and Dogecoin lead the top 10 with gains of 1.95% and 1.77% respectively, while Bitcoin is up 0.74% at the time of writing. However, Bitcoin is also up 2% over the past four hours, recovering from Sunday’s low of $24,600.

Futures open interest remained flat over the weekend, with 7,000 BTC pulling away from the exchange, suggesting the move was due to spot trading, according to CryptoSlate analysis.

ordinal excitement

Upgrades to Bitcoin such as Taproot have paved the way for innovations such as the Ordinals protocol, allowing Sats to “embed” information similar to NFTs on other chains. The technology is different, but the result is a non-fungible digital asset similar to his NFTs on other chains such as Ethereum.

Since late 2022, interest in Bitcoin Ordinals has put blockchain in the spotlight of NFT collectors and developers, and excitement continues to grow as on-chain activity surges. While Ordinals has divided the Bitcoin community, there is no doubt that it has put Bitcoin in the spotlight as a major cryptocurrency project.