In the last 24 hours, the cryptocurrency market expanded its capitalization by over $110 billion, approaching the $2.2 trillion mark. This surge is driven by gains from Bitcoin, Ethereum, BNB, and many other altcoins.
Bitcoin’s price has increased by an impressive 11.5% over the past seven days. Traders are currently contending with the significant psychological and technical resistance level at $60,000, having posted a 2.6% gain today alone. Throughout the week, BTC has seen a gradual ascent. Initially, bulls struggled to push past $55K over the previous weekend, but the scenario changed dramatically on September 10th when the price surged to $58,000. After a brief consolidation, bulls are now attempting to conquer another critical level.
The altcoin market is also performing well. Ethereum has seen gains of over 8%, BNB has risen by more than 13%, and SOL has increased by more than 9%.
This renewed rally has strong backing. MicroStrategy, the world’s largest corporate HODLer, added more BTC to its reserves. Michael Saylor announced a massive $1.1 billion purchase at a notional price of around $60,000 per unit, which provided significant market support and potentially prevented a more severe downturn in recent weeks.
Donald Trump, the former US President and current presidential candidate from the Republican Party, announced the launch of a digital currency platform called World Liberty Financial. This platform will include a digital wallet, a credit account system, and lending options operating with stablecoins.
All in all, it has been an exciting seven days in the industry, especially with the US Presidential election drawing near.
Market Data
Market Cap: $2.189T | 24H Vol: $76B | BTC Dominance: 54%
BTC: $59,961(+11.2%) | ETH: $2,427(+8.3%) | BNB: $555 (+13.7%)
This Week’s Crypto Headlines You Better Not Miss
**XRP Price Skyrockets 7% as Grayscale Launches Dedicated Ripple Trust.** XRP has surged by 7% following Grayscale’s announcement on September 12th. The company is launching its XRP Trust, sparking hope for future ETF approval.
**MicroStrategy Announces Massive $1.1 Billion Bitcoin (BTC) Purchase.** Michael Saylor, co-founder and current chairman of MicroStrategy, revealed on Friday that the company recently acquired $1.11 billion worth of BTC at around $60,408 per coin.
**These Factors Suggest Bitcoin’s (BTC) Bull Run Is Just Getting Started: CQ.** Multiple factors suggest that Bitcoin’s bull run might just be beginning. According to a well-known analytics company, growing stablecoin reserves are one such factor.
**Donald Trump Announces Launch Date of World Liberty Financial.** Donald Trump announced the launch of a digital currency project called World Liberty Financial.
**Bitcoin’s Price Targets Depending on a Win for Harris or Trump: Standard Chartered.** Standard Chartered provided their price targets for Bitcoin depending on whether Donald Trump or Kamala Harris wins the US elections on November 5th.
**Coinbase’s Wrapped Bitcoin (cbBTC) Launches on Base and Ethereum.** cbBTC, the wrapped Bitcoin issued by Coinbase, is launching on Base and Ethereum. The firm plans to support other chains in the future.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Solana.
Twitter text: “Crypto market surges by $110B, BTC battles $60K resistance, and MicroStrategy buys $1.1B in BTC. Trump launches digital currency platform. #cryptocurrency #Bitcoin #Ethereum #BNB”
