Bitcoin (BTC) achieved a new three-month high this week, marking the culmination of a swift and steep price rise that has characterized the past couple of weeks.
The cryptocurrency hit $48,070 on Tuesday, March 29, before sliding back below the $47,800 mark, but it is still nearly 35% higher than $33,496 where it traded on January 24.
Its previous high was on January 1, when the price of Bitcoin stood at $47,730, according to the data acquired from CoinMarketCap.
At the time of publication, the world’s flagship digital asset was trading at $47,567, up by 1,31% in the last 24 hours, 11.98% in the previous week, and 21.81% in the past month.
With these gains, Bitcoin has managed to successfully break out of the narrow $35,000 – $45,000 trading range it had been trading in the last couple of months and erase this year’s losses in the middle of an extensive rally for cryptocurrencies.
Bitcoin market cap follows
The increasing value of Bitcoin has also helped increase the cryptocurrency’s market worth, as well as boost the overall market cap of other leading digital assets.
In line with this, Bitcoin’s market capitalization briefly reached $913.29 billion on Tuesday and then dropped below the $907.5 billion mark.
However, its current market cap is still almost 35% higher than the $634.37 billion that this indicator was showing on the charts in late January.
Meanwhile, some financial experts analyzing the technical indicators in decentralized finance (DeFi) are optimistic about this growth and believe that the price of Bitcoin would continue its bullish advance and soon surpass the $50,000 mark based on recent market signals.
Finally, it’s worth noting that Finbold earlier reported that Bitcoin had increased 35% since the start of the Russian invasion of Ukraine (February 24), and was showing divergent strength in the face of the difficult geopolitical market conditions and fears of recession as a safe haven asset.
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