Home Market Bitcoin surges to 39-week high, leaving Meta, Visa, TSMC, and Exxon Mobil in its dust

Bitcoin surges to 39-week high, leaving Meta, Visa, TSMC, and Exxon Mobil in its dust

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A bull market was rampant, pushing Bitcoin to a 39-week high of $26,500. As a result, the market capitalization increased and the leading cryptocurrency overtook Meta, Visa, TSMC, and Exxon Mobil in valuation.

Market gains momentum

This week, the Fed helped the banking sector under its Bank Term Funding Program (BTFP). Similarly, US Consumer Price Index (CPI) data shows up as expected at 6% year-over-year.

The cryptocurrency market reacted favorably to both incidents, pushing Bitcoin higher. Since March 11th, BTC has closed the green candle for three days in a row and today (March 14th) is set to follow suit.

During this period, the leading cryptocurrency registered a 32% gain to break through the resistance level set 43 weeks ago from May 13, 2022. The next resistance zone is around $28,000 which represents the previous price for Terra LUNA/UST.

The Relative Strength Index (RSI) is currently showing no signs of slowing down.

bitcoin daily chart
sauce: BTCUSD on TradingView.com

The Federal Reserve has been careful not to view the BTFP as a pivot from hawkish policy. But by definition, backing bank deposits with liquidity is a dovish move, albeit with a relatively high interest rate mismatch.

As @stackhodler put it, “If you walk like a duck and quack like a duck, it’s probably quantitative easing

Bitcoin valuation soars

On March 14th, a buying frenzy sent Bitcoin’s market capitalization skyrocketing to $512.19 billion. Profit taking has fallen to $502.8 billion at the time of writing.

Despite this, Bitcoin still climbed to 11th place in the global asset market capitalization rankings, even at a low valuation. overtaken.

World market capitalization ranking
sauce: 8marketcap.com

Bitcoin currently lags far behind Tesla in 10th place, with a $65 billion gap between the two.

Assuming Tesla’s market cap remains at $569 billion, Bitcoin’s price would need to rise above $29,500 to enter the top 10 global assets and overtake EV makers.

The last time Bitcoin’s market cap exceeded $570 billion was before the Terra UST de-pegged.

Posted In: Bitcoin, Analysis

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