Bitcoin Breaks $21K: Crypto Market Cap Surpasses $1T
• Bitcoin has broken $21,000, with $245 million of shorts liquidated over the past 24 hours and $255 million of Bitcoin bought on spot markets.
• There are no major events that have had an obvious positive effect on investor activity, and the positive anticipation and sentiment toward a Consumer Price Index (CPI) announcement may have contributed to Bitcoin’s price growth.
• The entire crypto market cap was up 8% over the past 24 hours, and it now has a market cap of $1.02 trillion, outperforming the stock market today.
Today marks a momentous occasion in the world of cryptocurrency as Bitcoin has broken the $21,000 barrier. Coingecko data shows that BTC was valued at $21,083 at 12:59 a.m. UTC on Jan. 14, representing a 12% increase in 24 hours and a market cap of $403 billion. While there are no major events that could have had an obvious positive effect on investor activity, changing investor sentiment may be due to a lack of bad news — and due to the fact that major crises like FTX’s collapse are fading into the past.
In addition, the round number of $20,000 represents a psychological barrier, and as such, investors may be optimistic now that Bitcoin has crossed it. Furthermore, the positive anticipation and sentiment toward a Consumer Price Index (CPI) announcement this week may have also contributed to Bitcoin’s price growth.
The surge of activity around Bitcoin has also had a positive effect on the entire crypto market. Data shows that $245 million of shorts have been liquidated over the past 24 hours, while $255 million of Bitcoin was bought on spot markets today. The entire crypto market cap was up 8% over the past 24 hours, and it now has a market cap of $1.02 trillion. This growth has outpaced the stock market today, as the Dow Jones was only up 0.3%.
It is clear that Bitcoin’s rally over the past several days is continuing to drive investor sentiment, and this has had a positive effect on the entire crypto market. With no major events to cause a downturn in prices, it appears that the crypto asset’s value is here to stay.
