Bitcoin’s parabolic (BTC) recovery intensified on Wednesday, with the price exceeding $ 36,000 for the first time, sending a strong signal that the bull market still has room to grow.
The flagship cryptocurrency peaked at $ 36,574.47 at Bitstamp, easily beating its previous record. The price rose 8% on the day and more than 25% last week.
So far, Bitcoin was trading at $ 36,367.
At current value, Bitcoin’s market capitalization has grown to $ 669.2 billion, accounting for approximately 68.3% of the overall cryptocurrency market.
Bitcoin’s latest breakthrough defies warnings that the market may face resistance to overbought in the near future. An overheated futures market and large liquidations by some of Asia’s biggest holders increased the possibility of a short-term retracement.
So far, Bitcoin’s digital-gold narrative appears to have crushed any appearance of a major downturn as institutions and retail traders buy the dips. As Cointelegraph recently reported, Bitcoin is experiencing a shortage of supply, as big buyers like Shades of Gray and PayPal continue to collect all the newly extracted BTC.
Bitcoin continues to exert a strong gravitational pull on the broader market, with large altcoins also printing new local records. Ether (ETH) briefly surpassed $ 1,200 on Wednesday. Litecoin (LTC), XRP, Bitcoin Cash (BCH) and others have also made significant gains.