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Bitcoin adds $30 billion to its market cap in a day; Is BTC price set to hit $30,000?

Bitcoin adds $30 billion to its market cap in a day; Is BTC price set to hit $30,000?

The cryptocurrency market has shown resilience in the face of heightened regulatory scrutiny, driven mostly by its flagship asset – Bitcoin (BTC) – which has added nearly $30 billion to its market capitalization over the course of a single day, indicating a positive momentum that could push its price toward $30,000.

As it happens, Bitcoin’s market cap has gone from $519.76 billion to $548.60 billion in the last 24 hours, which means that it has grown by $28.84 billion or 5.6%, according to the latest data retrieved by Finbold from the cryptocurrency monitoring platform CoinMarketCap on March 29.

Bitcoin 24-hour market cap. Source: CoinMarketCap

Bitcoin price analysis

During this time, the price of the maiden decentralized finance (DeFi) asset has gained 5.28%, at press time changing hands at $28,364. Its current price also represents an increase of 0.35% over the last week, adding up to the monthly boost of 20.49% and over 70% since the year’s turn, as charts indicate.

Bitcoin 24-hour price chart. Source: Finbold

Meanwhile, Bitcoin is demonstrating a ‘strong buy’ sentiment at 16 at its one-day technical gauges over at the crypto and finance tracking platform TradingView. This sentiment is summarized by the oscillators standing in the ‘buy’ zone at 2 and moving averages (MA) pointing at a ‘strong buy’ at 14.

Bitcoin 1-day sentiment gauges. Source: TradingView

It should be mentioned that Bitcoin’s odds of a bullish rally are also increased by its break out of the relative strength index (RSI) downtrend, as the asset holds the $27,200 level despite the chart pattern behavior that could be described as choppy.

Bitcoin’s break out of RSI downtrend. Source: Matthew Hyland

Moreover, venture capitalist and ex-CTO at crypto trading platform Coinbase, Balaji Srinivasan, has projected that Bitcoin would reach $1 million within the next 90 days as the U.S. economy enters hyperinflation. Although his prediction has been rebuked by Matthew Kratter, founder of the Trader University YouTube channel, he does agree it is “directionally correct.”

At the same time, Finbold has reported on Bitcoin’s market cap surpassing that of traditional finance behemoths such as payment platform Visa (NYSE: V) and banking giant JPMorgan Chase (NYSE: JPM), as well as outperforming the year-to-date (YTD) returns of 97% of all S&P 500 companies in 2023.

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