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Bitcoin, the leading cryptocurrency, continued its upward trajectory and hit a high of more than $28,000 per coin on Sunday at 3 p.m. Eastern Time. Over the past week, the value of bitcoin has increased by almost 40% against the U.S. dollar, and its overall market capitalization has grown to $546 billion.
The global cryptocurrency market valuation also rose by 1.10% to $1.18 trillion on Sunday. Bitcoin’s dominance in the market remains above 45%, while Ethereum, the second-largest cryptocurrency, has a dominance of 18.5%. Ethereum saw an increase of 1.6% over the past day and 24% over the past week.
As of now, $42.9 billion in global bitcoin trades have taken place out of the $203 billion in trade volume among all digital assets. Bitcoin saw a low of $27,009 per unit during the course of the day, while the high point was at $28,422 on Sunday.
Bitcoin still has $23.94 billion to surpass Tesla’s market capitalization of $569.94 billion to become the tenth-largest asset by market valuation. The last time bitcoin was trading above the $28,000 region was in June 2022, following the collapse of the Terra blockchain and UST.
Bitcoin’s top ten trading pairs on Sunday included Tether (USDT), BUSD, USD, KRW, EUR, JPY, USDC, TRY, GBP, and CHF. Additionally, there is a small “Kimchi premium” in South Korea, with bitcoin trading for $200 more per unit in the country than on most crypto exchanges abroad.