Bitcoin Climbs More Than 37% Against the US Dollar This Week, Hitting $28,000 on Sunday – Market Updates

Bitcoin peaked at $28,422 per unit around 3:00 p.m. Eastern time on Sunday as the leading cryptocurrency continued to rise over the past week. Since last Sunday, bitcoin has appreciated by 37.9% against the US dollar, and the cryptocurrency’s total market cap has grown to $546 billion.

Global Cryptocurrency Market Valuation Rises 1.11% To $1.18 Trillion; Bitcoin dominance remains above 45%

Just before 3 p.m. ET on March 19, 2023, Bitcoin (BTC) surpassed the $28,000 zone, rising to $28,422 per unit on Sunday afternoon. Currently, the leading cryptocurrency within this region is trading at just above $28,300 after trading just below it at $27,925 per unit. Bitcoin is up more than 37% against the US dollar in seven days, and over the past 24 hours it is up about 3.5%.

There is currently $42.9 billion in global bitcoin trading out of the $203 billion traded volume of all digital assets in existence. While bitcoin hit a high of $28,422 on Sunday, it also recorded a low of $27,009 per unit later on the day. Bitcoin has $23.94 billion left to Teslas market capitalization of $569.94 billion to become the 10th largest asset by market valuation.

The valuation of the global cryptocurrency market was $1.18 trillion on Sunday, up 1.11% from the previous day. The last time Bitcoin traded above the $28,000 region was in June 2022, following the collapse of the Terra-Blockchain and VAT. Recent statistics also show that the second largest cryptocurrency by market cap, Ethereum (ETH)up 1.7% over the past day and up 24.3% over the past week.

Of the $1.18 trillion in value as of Sunday, Bitcoin’s dominance is 45.7%, while Ethereum’s is 18.8%. Bitcoin’s top ten trading pairs on Sunday include Tether (USDT), BUSD, USD, KRW, EUR, JPY, USDC, TRY, GBP and CHF. In addition to bitcoin surpassing the $28,000 zone, South Korea also has a small “kimchi premium,” with bitcoin trading in the country for $200 more per unit than most overseas crypto exchanges.

What are your thoughts on Bitcoin’s recent price spike and its potential impact on the overall cryptocurrency market? Share your thoughts in the comment section below.

Jamie Redman

Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about today’s emerging disruptive protocols.

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