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Bitcoin (BTC) soars past $28K for the first time on Sunday, sets a new all-time high

Bitcoin breached the $28,000 mark on Sunday pushing its market cap past $500 billion.

Image by Roy Buri from Pixabay

Mon, 28 Dec 2020, 07:43 am UTC

Bitcoin (BTC) just keeps surprising crypto investors. After demolishing its previous all-time high in December 2017 and soaring past $20,000 earlier this month, the world’s largest cryptocurrency went on to climb past $28,000 this weekend, establishing a new all-time high.

Crypto markets have been busy this weekend as buying pressure pushed Bitcoin’s upward establishing a series of all-time highs. For instance, crypto broke $25,000 on Friday night for the first time, just a week after breaking $24,000, according to Coindesk.

But just a day later, the cryptocurrency rose even higher. BTC set a new all-time high on Saturday afternoon when it briefly traded at $26,368.16 before it slid back down to $26,367.16, posting a massive 7.39 percent gain for the day.

A day later, Bitcoin once again broke the record it previously set. The crypto asset set a new all-time high on Sunday when it traded at $28,378, according to Bitcoin.com.

Global trading volume for the cryptocurrency likewise surged to $21 billion for the past 24 hours at this point. Tether (USDT) remains the top trading pair against BTC accounting for 56 percent of the volume, followed by USD at 15.22 percent, JPY at 8.08 percent, EUR at 5.13 percent, and KRW at 3.52 percent.

BTC’s price rose by 16.4 percent in the last seven days and 59.12 percent since last month. Meanwhile, the crypto gained 272 percent for the past 12 months.

While Bitcoin posted impressive gains recently, Skybridge Capital founder Anthony Scaramucci warned investors that volatility could be up ahead. “This thing has a tendency to crash up,” Scaramucci cautioned, according to CNN Business. “It is due for a correction, and these corrections can be violent… You have to be very cautious.”

As of press time, Bitcoin is trading above $27,100 based on data from Coinmarketcap.com. With a market capitalization of over $500 billion, it is now the 10th largest company in the world.

The cryptocurrency’s market cap is now even larger than Visa and Samsung. Visa is valued at around $460 billion while Samsung’s market cap is $463 billion.

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  • Bitcoin (BTC) $36,642.50 (+1.08%)
  • Ethereum (ETH) $1,257.41 (+0.94%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Cardano (ADA) $0.371500 (-3.70%)
  • Litecoin (LTC) $152.14 (+5.75%)
  • Bitcoin (BTC) $36,642.50 (+1.08%)
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