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

Posted by Bill Rippel on March 20, 2023 - 1:12am

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.

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.