The past week has seen Bitcoin and the wider crypto market engage in an intense crypto rally. However, things have now shifted into overdrive as a frantic Bitcoin rally has taken Bitcoin past $12,500. Moreover, the total cryptocurrency market capitalization has also ballooned north of $360 billion.
Bitcoin breaks through $12,500, total crypto market cap crosses $360 billion
At the time of writing, the price of Bitcoin is around $12,580. As such, Bitcoin’s parabolic advance has continued to swell. In fact, Bitcoin has rallied over 25% in less than five days, since first breaking the $10,000 barrier.
Moreover, things appeared to be heating up as Bitcoin’s price exploded past $11,000 just days ago. Since this, multiple analysts have come out with predictions of a bull run past $60,000. Bitcoin’s latest price gains, however, have dwarfed these previous rallies.
This current Bitcoin rally has taken the premier cryptocurrency’s price north of the psychologically significant $12,500 line. What’s more, the rest of the crypto industry has similarly risen in the wake of this Bitcoin rally.
The total crypto market cap is currently pegged at $362.4 billion. This represents a massive increase of around $100 billion in less than two weeks. Nevertheless, Bitcoin has slightly outperformed the crypto market as a whole.
Bitcoin market dominance at two-year high
In fact, Bitcoin’s recent rally has brought Bitcoin’s market dominance above 60%. At the time of writing, Bitcoin holds a market percentage of 61.77% over the wider cryptocurrency market. This means that Bitcoin’s market dominance is the highest it has been in over two years.
It is not entirely clear what exactly has propelled Bitcoin to these new price points. However, it is commonly accepted that Facebook’s reveal of its crypto project Libra has something to do with it.
Furthermore, analysts have predicted that a breakthrough at the resistance around $11,700 could open up further Bitcoin gains. As it turns out, this appears to be exactly what has happened. With that said, however, one should note that Bitcoin’s parabolic advance appears to have gone into overdrive.
It is unclear whether Bitcoin will continue to rally, or whether the premier cryptocurrency needs some time to consolidate these massive gains. No matter what, cryptocurrency supports will likely want to keep an eye on the price boards today, to see if this frantic Bitcoin rally continues.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.