The crypto market exceeds $1.17 trillion as Bitcoin price approaches $25,000

As the market capitalization of all cryptocurrencies increased to $1.17 trillion, Bitcoin is getting close to reaching a price of $25,000.

The greatest digital asset in the world by market capitalization, Bitcoin (BTC-USD), was trading at $24,500 on Monday, up 12.4% from the previous week.

Ethereum (ETH-USD), the second-largest cryptocurrency, was trading at $1,689 at the time of writing, up 11.7% over the previous week.

Bitcoin price nears $25,000 as crypto market reaches $1.17tn

Late on Sunday night, UK time, as Asia started the work week, Bitcoin surged beyond $25,000, giving off a bullish price movement signal.

In the last week, the value of other cryptocurrencies including Solana (SOL-USD), Polkadot (DOT-USD), and Polygon (MATIC-USD) increased by 20%, 19%, and 18.5%, respectively.

Bitcoin’s latest support level is $23,000, according to Joe DiPasquale, CEO of cryptocurrency fund manager BitBull Capital, who also said that the upcoming week will determine whether the digital currency would reach $30,000 or not.

“If we were to see more upside activity, it was crucial for bitcoin to recapture $23,000,” he said.

“With February drawing to a conclusion, the market may just require another strong monthly close for bitcoin to test $30,000.”

Bitcoin trader Matthew Hyland stated on Monday morning in a tweet that it was “very impossible to know” if the huge breakout above $25.2k would occur at this exact moment.

Using a chart, Hyland predicted that bitcoin will fall to a low of about $22,000 before rising beyond $25,000.

In terms of macroeconomic events that can influence the price of bitcoin, the coming week is expected to be quiet. A few US data releases, including the Personal Consumption Expenditures (PCE) Index, are soon to be released.

The upcoming Federal Open Market Committee (FOMC) meeting, which will be held on March 15 and 16, is the event on which the decision to raise the benchmark interest rate will be taken. A 25 basis point rate increase at the March meeting is what the futures markets are pricing in for a less hawkish Federal Reserve.

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