Bitcoin Surges by More Than 37% Against US Dollar This Week, Taps $28K on Sunday

Bitcoin reached a high of $28,422 per unit on Sunday at around 3 p.m. Eastern Time as the leading cryptocurrency has continued to rise during the last week. Since last Sunday, bitcoin has increased in value by 37.9% against the U.S. dollar, and the cryptocurrency’s overall market capitalization has swelled to $546 billion.

Global Cryptocurrency Market Valuation Increases by 1.11% to $1.18 Trillion; Bitcoin Dominance Remains Above 45%

At just before 3 p.m. ET on March 19, 2023, bitcoin (BTC) surpassed the $28,000 zone, rising to $28,422 per unit on Sunday afternoon. Presently, the leading cryptocurrency’s value is hovering within that region, at just above $28,300 after meandering just below it at $27,925 per unit. Bitcoin has gained more than 37% against the U.S. dollar in seven days, and over the last 24 hours, it has increased roughly 3.5% higher.

Bitcoin chart by TradingView

Currently, there are $42.9 billion in global bitcoin trades out of the $203 billion in trade volume among all digital assets in existence. While bitcoin reached a high of $28,422 on Sunday, it also saw a low of $27,009 per unit during the course of the day. Bitcoin has $23.94 billion left to surpass Tesla’s market capitalization of $569.94 billion to become the tenth-largest asset by market valuation.

The global cryptocurrency market valuation was $1.18 trillion on Sunday, a 1.11% increase over the past day. The last time bitcoin was trading above the $28,000 region was in June 2022, following the collapse of the Terra blockchain and UST. Current statistics also show that the second-largest cryptocurrency by market cap, ethereum (ETH), jumped 1.7% higher over the past day and 24.3% over the past week.

Out of the $1.18 trillion in value, bitcoin’s dominance on Sunday is 45.7%, while ethereum’s is 18.8%. Bitcoin’s top ten trading pairs on Sunday include Tether (USDT), BUSD, USD, KRW, EUR, JPY, USDC, TRY, GBP, and CHF. In addition to bitcoin surpassing the $28,000 zone, there is also a small ‘Kimchi premium’ in South Korea, with bitcoin trading for $200 more per unit in the country than most crypto exchanges abroad.

What are your thoughts on bitcoin’s recent price surge and its potential impact on the overall cryptocurrency market? Share your opinions in the comments section below.

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