Bitcoin is trading above $27k once again after adding 1% to its value in the last 24 hours.
The positive performance comes after Tether’s market cap reached a new all-time high.
Tether’s Market Cap Hits New All-Time High, BTC Rises Above $27k
The cryptocurrency market could end the week on a positive note after Bitcoin and the other leading cryptocurrencies recorded gains.
Bitcoin, the world’s leading cryptocurrency by market cap, surged past the $27k level a few hours ago after adding more than 1% to its value.
At press time, the price of Bitcoin stands at $27,072. The positive performance comes after Tether’s market cap reached a new all-time of $83.2 billion. Tether’s USDT remains the world’s leading stablecoin.
USDT’s market cap grew to reach a new all-time high despite the ongoing bear market. Tether also reached this milestone despite the other leading stablecoins like USDC and BUSD struggling in recent months.
The total cryptocurrency market cap currently stands at $1.14 trillion, up by more than 1% over the last few hours.
Bitcoin is not the only cryptocurrency that is trading in the green zone. Ether, the second-largest cryptocurrency by market cap, is up by 2% so far today and is trading close to the $1,900 resistance level.
Despite the recent performance, analysts still believe that Bitcoin could slightly retrace and test the $25k support level before further upward movement. Market analysts believe the market is currently in an accumulation zone.