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Bitcoin Maintains Price Above $52k After 14% Rally in a Week

Twitter icon  •  Published il y a 2 mois  •  Hassan Maishera

Bitcoin has maintained its price above the $52k level following its 14% rally in the last seven days and could target the $55k mark soon.

TL;DR

  • BTC has maintained its price above the $52k level following its rally earlier this week.

  • The world’s leading cryptocurrency by market cap is up 14% in the last seven days.

BTC Stays Above $52k

Bitcoin, the world’s leading cryptocurrency by market cap, has had an excellent week so far. BTC is up by less than 1% in the last 24 hours and continues to trade above the $52k level.

At press time, Bitcoin’s price stands at $52,279 per coin. It is up by 14% over the last seven days, making it one of the best-performing major assets during that period. BTC is looking to break past the resistance level just above $53k. Breaking that resistance level could see BTC rally towards $55k in the short term. 

The ongoing rally is fueled by the entry of institutional investors into the Bitcoin market. The Bitcoin holdings by spot ETF issuers like BlackRock and Fidelity continue to increase as more institutional investors access BTC via exchange-traded funds.

Thanks to this rally, Bitcoin’s market cap touched the $1 trillion mark for the first time in more than two years. Furthermore, the total cryptocurrency market cap is now approaching the $2 trillion mark, still down by 40% from the all-time high of $3 trillion achieved in 2021.

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.