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Bitcoin is Close to Overturn All-Time High as the Total Crypto Market Cap is approaching $600 Billion

The price value of Bitcoin has reached close contact with an all-time high after surging above $19,600 over many cryptocurrency exchanges. The total market cap is approaching towards $600 billion as altcoins have also registered bullish moves in the daily trading session.

$19,860 over Bitstamp

Over some crypto exchanges, the world’s leading digital currency is inching closer to overturn an all-time high as the price touched $19,860 over Bitstamp.

After standing at around $17,000 and $18,000 levels, the flagship cryptocurrency finally becomes successful in breaking above $19,000. According to CoinMarketCap, the value went above $19,500 for some time but then retraced to $16,200 after a slight push from bearish actors. With the support of whales and traders having bullish sentiments, Bitcoin’s price has again reached above $19,500.

Based on the speculation of technical indicators, the immediate resistance level lies at $19,900, and in case of this resistance breakage, Bitcoin would easily claim $20,000, the all-time high value. On the other hand, if value faces a hurdle, there are some support levels, such as $19,440, $18,800, and $18,240, which can provide support to the top digital asset.

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Behind such a magnificent price rally, there are some fundamental factors, which may push the price further high. For instance, the prominent crypto assets management firm Grayscale has witnessed an addition of $140 million to its Bitcoin Trust. According to Grayscale, the investment firm has purchased 7,300 BTC over the week. After the latest purchase of BTC, the Bitcoin holding of the company has reached to a figure close to $10 billion.

Michael Sonnenshein, Managing Director at Grayscale, revealed in his talk with CNBC that the entry of new investors in the crypto space continued and it was just the beginning. “If our inflows at Grayscale are any indication of the types of investors that are interested in this asset class or the sizes of allocations being made, we’re just getting started,” Sonnenshein said.

Following Bitcoin, altcoins have also moved higher amid bullish sentiments prevailing in the cryptocurrency markets.

As the new update of the Ethereum network, ETH 2.0, is close, the price value of Ethereum, the second-largest coin by market cap, has crossed the figure of $600. At press time, the cryptocurrency is exchanging hands at $609 after an increase of 5.33% over the last 24-hours while over the weekly timeframe, the coin is up 0.86%.

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Similarly, XRP is trading at $0.66 after a surge of 8.68% over the day while Litecoin has also surged by 13.19% in the last 24-hours.


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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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