The Bitcoin bulls are running at full steam right now as the world’s dominant digital asset has surged past $18,000 on the way to its previous all-time high.
During the morning’s Asian trading session, Bitcoin prices continued on with the week’s momentum surging to top $18,400 and later retracing to a current level of $18,050. The monumental move has added almost 10% over the past 24 hours in a surge of around $1,750 in less than a day.
Big stats for Bitcoin
The stats keep getting better, as over the past week the asset has gained 20% while gains on the month are an even more impressive 60%. From current prices, there is very little in terms of resistance between here and its previous peak of $20k which came in December 2017.
According to AssetDash, Bitcoin is now the sixteenth largest asset by market capitalization on the planet (discounting gold, real estate, and treasuries).
November’s rally has been remnant of the one that initiated in the same month three years ago when mainstream media were all over Bitcoin. Prices moved fast back then and the asset did not spend long at these lofty prices.
In terms of market capitalization, Bitcoin has hit an all-time high because the supply now is different to what it was the first time it reached these price levels.
In his latest newsletter, co-founder at Morgan Creek Digital Anthony Pompliano explained;
“This is important because I believe the market cap metric is much more important than the price of a single bitcoin. The supply slowly increases, so total market cap better represents where the market is over time.”
BTC market cap is currently just over $340 billion according to Coingecko, and it has only been higher for three days in its history.
Other big crypto movers
As usual the rest of the cryptocurrency market is being pulled upwards by the king. Total market capitalization has surpassed $500 billion for the first time since February 2018 when things were rapidly retreating from the crypto bubble.
Ethereum has made a big move reaching its highest price since June 2018 as it climbed to $495 while the silver to Bitcoin’s gold, Litecoin, has surged to $75. Even Ripple’s weakly performing XRP token has finally made it back to $0.30 but it is still way down from its 2018 peak.
Bitcoin forks such as Bitcoin Gold, and Bitcoin Diamond are skyrocketing today, but others such as Bitcoin Cash and Bitcoin SV have been lackluster by comparison.