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October 2, 2022
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Bitcoin price rises more than 8% and BTC’s market value exceeds $ 1 trillion

From a technical point of view, the price of BTC remains high both in the short and long term. Bitcoin’s market value exceeds $ 1 trillion.

After consolidating in the past two weeks between $ 43k and $ 51k, the price of Bitcoin has jumped approximately 8.9% in the last 24 hours, to $ 54k at the time of writing. With the rising price, Bitcoin also apparently exceeded $ 1 trillion in market capitalization for the second time in less than two months.

The market data provided by Coinmarketcap indicate that the asset was being traded at around US $ 54,180.46, with its market capitalization at US $ 1,008,510,551,947. Notably, the average trading volume in the last 24 hours was $ 53,195,674,759, an increase of 14%.

Meanwhile, Bitcoin’s price is 7.52% below its historical record, $ 58,330.57, recorded last month. In addition, it is important to note that the entire altcoin market has followed the jump in Bitcoin price over the past 24 hours. Ethereum (ETH), Binance Coin (BNB), Litcoin (LTC), Chainlink and Bitcoin Cash (BCH) increased 8.7%, 6.2%, 8.5%, 9.3% and 7.0%, respectively , in the last 24 hours.

With this growth in the crypto market, the total market capitalization is $ 1,663,463,846,359 according to Coinmarketcap. To put the number in proper perspective, Apple Inc (NASDAQ: AAPL) is worth approximately $ 400 billion. Bitcoin’s market capitalization is almost double that of Tesla Inc’s (NASDAQ: TSLA) market valuation, which hovers around $ 573 billion.

Technical and fundamental aspects of Bitcoin price

From a technical point of view, the price of Bitcoin remains high at both the highest and lowest terms. On the 4-hour chart, the Bitcoin price is again testing a resistance / support level that formed during the previous fall. If the asset maintains its current price, the bulls would be in a better position to recover from the all-time high and rise further. However, if the price of Bitcoin falls below the current support level, it could mean further consolidation or a deeper decline before continuing with the bullishness.

On the other hand, Bitcoin’s weekly price chart indicates a different outlook against the U.S. dollar. The asset remains in a market with a strong upward trend.

Fundamentally, the price of Bitcoin is significantly reinforced by institutional investors who are adding the asset to their balance sheets. In addition to Tesla, Square Inc (NYSE: SQ) and Microstrategy Inc (NASDAQ: MSTR), Norwegian Aker, the country’s third largest oil and gas producer, will now explore Bitcoin with renewable energy. Notably, Aker will collaborate with Blockstream to assist in Bitcoin renewable energy mining.

Grayscale’s Bitcoin Trust is now over $ 33 billion, which significantly represents institutional investors. Bitcoin’s price is also supported by continued dollar inflation. Notably, the disruption coincided with Biden’s $ 1.9 trillion stimulus package.

Source: CoinSpeaker

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