Bitcoin at $25,000 as crypto market hits $1.17 trillion

Bitcoin (BTC-USD), the world’s largest digital asset by market capitalisation was trading at $24,500 on Monday, up 12.4% in the past week

Bitcoin is nearing $25,000 as the crypto currency market capitalisation reached $1.17 trillion.

Bitcoin (BTC-USD), the world’s largest digital asset in terms of market capitalisation was trading at $24,500 on Monday, 12.4 per cent higher during the past week.

The second largest crypto currency ethereum (ETH-USD) sat at $1,689 at one time, 11.7 per cent higher in the last seven days.

Bitcoin soared above $25,000 late on Sunday evening UK time as Asia began the working week, revealing a positive price-movement signal.

Other crypto currencies like Solana (SOL-USD), Polkadot (DOT-USD), and Polygon (MATIC-USD) also rose, with gains of 20 per cent, 19 per cent, and 18.5 per cent during the past week respectively.

Joe DiPasquale, CEO of crypto fund manager BitBull Capital, told Coindesk that $23,000 was the new support level of bitcoin. DiPasquale further said that the coming week would determine whether the digital asset would reach $30,000 or not.

He said: It was crucial for bitcoin to recoup $23,000 if we were to see further upside action.

With February coming to an end, another bullish monthly finish may be what the market requires for bitcoin to test $30,000, he said.

On Monday morning bitcoin trader Matthew Hyland tweeted: Bitcoin lower time frame, really hard to tell if the big breakout above $25.2k comes right here.

Hyland tweeted a chart that indicated bitcoin would fall to nearly $22,000 before bouncing back above $25,000.

Bitcoin is heading into a quiet week in terms of macroeconomic triggers that could impact the price. There are some upcoming US data releases, like the Personal Consumption Expenditures (PCE) Index.

The focus is now on the next Federal Open Market Committee (FOMC) meeting scheduled for March 15 and 16 where a decision for the next benchmark interest rate hike will be made. Futures markets are pricing in a less hawkish Federal Reserve, predicting a 25 basis point rate hike at the meeting.