Bitcoin continues to achieve major breakouts as it has cleared another hurdle. The primary cryptocurrency has jumped above the price figure of $27,000 and has set another all-time high value. Over the course of the past two days, the world’s largest digital currency in terms of market capitalization has broken above three crucial price levels in a row.
Bitcoin Records An All-Time High Of $27,837
Yesterday, Bitcoin broke above the price level of $25,000 and recorded a new all-time high value. However, it did not stop there rather it continued to rally higher and broke the $26,000 level within the duration of no time. Now, on the 27th of December, it has achieved the $27,000 breakout. The price value of Bitcoin went as high as to reach $27,837 which is now the new all-time high value for the leading digital currency. It is the first time in the entire history of Bitcoin that the coin has been able to surpass this price level.
The month of December has proven in the favor of Bitcoin so far. Since the beginning of this month, the flagship cryptocurrency has been performing well. Firstly, it cleared the massive hurdle of $20k. Due to this psychological resistance, Bitcoin was unable to move higher. The $20k breakout, however, has paved the way for the coin, and now it is continuously breaking through new highs.
Bitcoin is now eyeing the $28k figure. With the current bullish momentum, this breakout is not now far away. At the time of writing, the price value of the top-ranked digital currency is trading up by more than 11 percent while standing at around $27,827. Cryptocurrency analysts and traders are even predicting that the flagship cryptocurrency might reach $40,000 before the end of the present year.
BTC Market Cap Surges Above $500 Billion
The market capitalization of Bitcoin has also reached a significant milestone. As soon as the price value of BTC surged above the $27k level, the market cap of the coin also spiked high and crossed the figure of $500 billion. As per the data from CoinMarketCap, Bitcoin’s market cap is standing at around $511 billion, at the press time.
With this, the overall cryptocurrency market capitalization has also jumped above $700 billion and is currently standing at around $727 billion.