Bitcoin Starts The Week Above $30k As Market Sentiment Improves

TL;DR

• Bitcoin starts the week trading above the $30k level after rallying in the last seven days.

• Bitcoin briefly touched the $31k last week before retracing to steady above $30k.

Bitcoin Remains Above $30k

Bitcoin, the world’s leading cryptocurrency by market cap, maintains its value above the $30k level. 

This latest development comes after it rallied past the $31k level last week, its highest level in more than a year.

The rally comes as investors’ confidence in the market soared in recent weeks. The entry of institutional investors including BlackRock and Fidelity boosted investor confidence in the market. 

Bitcoin has added more than 14% to its value in the last seven days, outperforming the other major asset classes in the market. Market participants now expect Bitcoin to test the $35k psychological level in the near term if the current market momentum can be maintained. 

The total cryptocurrency market cap is approaching the $1.2 trillion after the rally in the last seven days. 

Bitcoin Cash remains the best performer amongst the top 20 cryptocurrencies by market cap over the last seven days, adding more than 80% to its value during that period.

Meanwhile, Ether added more than 8% to its value in the last seven days and is now trading above $1,800 per coin.