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Bitcoin price nears $25,000 as crypto market reaches $1.17tn

POLAND - 2023/02/01: In this photo illustration, a Bitcoin logo is displayed on a smartphone with stock market pricing in the background. (Photo Illustration by Omar Marques/SOPA Images/LightRocket via Getty Images)
Bitcoin is heading into a quiet week in terms of macroeconomic triggers that could affect the price. Photo: Omar Marques/SOPA Images/LightRocket via Getty (SOPA Images via Getty Images)

Bitcoin is closing in on $25,000 per coin as the entire cryptocurrency market capitalisation rose to $1.17tn.

Bitcoin (BTC-USD), the world's largest digital asset by market capitalisation was trading at $24,500 on Monday, up 12.4% in the past week.

The second largest cryptocurrency ethereum (ETH-USD) stood at $1,689 as of the time of writing, up 11.7% in the last seven days.

Bitcoin shot above $25,000 late on Sunday evening UK time as Asia began the working week, revealing a positive price-movement signal.

Other cryptocurrencies such as Solana (SOL-USD), Polkadot (DOT-USD), and Polygon (MATIC-USD) also experienced gains, with increases of 20%, 19%, and 18.5% in the past week respectively.

Joe DiPasquale, CEO of crypto fund manager BitBull Capital, told Coindesk that $23,000 was bitcoin’s new support level, adding that the coming week would decide whether the digital asset would hit $30,000 or not.

Read more: Crypto live prices

He said: “It was critical for bitcoin to reclaim $23,000 if we were to see more upside action.

“With February coming to an end, another bullish monthly close may be what the market needs for bitcoin to test $30,000.”

On Monday morning bitcoin trader Matthew Hyland tweeted: "Bitcoin lower time frame, really hard to tell if the big breakout above $25.2k comes right here."

Hyland tweeted a chart that suggested bitcoin would drop to a low of around $22,000 before rebounding above $25,000.

Bitcoin is heading into a quiet week in terms of macroeconomic triggers that could affect the price. There are a few US data releases, such as the Personal Consumption Expenditures (PCE) Index, coming up.

Read more: What is the digital pound and when can you expect it?

All eyes are on the next Federal Open Market Committee (FOMC) meeting being held on 15 and 16 March where a decision for the next benchmark interest rate hike will be made. Futures markets are pricing in a less hawkish Federal Reserve, forecasting a 25 basis point rate hike at the meeting in March.

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