Bitcoin Tops $28k For The First Time Since June As Bulls Rage On

TLDR;

• Bitcoin reached the $28k level for the first time since June 2022 as bulls continue to dominate the market.
• The total cryptocurrency market cap is closing in on the $1.2 trillion mark.

Bitcoin Soars To $28K

Bitcoin, the world’s leading cryptocurrency by market cap, is trading above the $28k level for the first time since June 2022. The coin has rallied by more than 38% over the past month and is up by 25% in the last seven days.

The rally comes despite the recent collapse of some regional banks, including Silvergate Bank, Silicon Valley Bank, and Signature Bank. 

The positive performance in the market also comes amid speculation that the United States Federal Reserve could slow down or even pause its interest rate hikes.

Over the weekend, the Federal Reserve announced a coordinated action with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank to boost the provision of U.S. dollar liquidity. In a statement, the Fed said;

"To improve the swap lines' effectiveness in providing U.S. dollar funding, the central banks currently offering U.S. dollar operations have agreed to increase the frequency of 7-day maturity operations.”

The total cryptocurrency market cap is now closing on $1.2 trillion as Bitcoin and others rally. Ether, the second-largest cryptocurrency by market cap, is now trading around the $1,800 resistance level.

Solana is the best performer amongst the top 10 cryptocurrencies by market cap today, up by more than 7% in the last 24 hours.