Market Rally Continues As Bitcoin Tops $28k

TL;DR

• The cryptocurrency market has continued its rally, with Bitcoin touching the $28k level.

• BTC could be heading towards the $28,500 resistance level as the bulls remain in control.

Bitcoin Now Trading Above $28k

Bitcoin had an excellent end to last week and continued its rally over the weekend. BTC, the world’s leading cryptocurrency by market cap, has added more than 3% to its value over the last 24 hours and is now trading at $28,110 per coin.

The primary catalyst remains the weak US Dollar caused by a decline in crude oil prices and Treasury yield late last week. 

With Bitcoin performing well, the other major cryptocurrencies are also trading in the green zone. The total cryptocurrency market cap now stands above $1.1 trillion for the first time in weeks, up by nearly 3% today.

Ether, the second-largest cryptocurrency by market cap, is also trading above $1,700 for the first time since August after adding 2.7% to its value in the last 24 hours. 

Solana leads the market charge, adding more than 15% to its value and outperforming the broader cryptocurrency market in the process. At press time, the price of Solana stands at $24.36.

XRP, Shiba Inu, Dogecoin, BNB, and Cardano have also added more than 2% to their values over the weekend.