The rise pushes the leading cryptocurrency’s total market capitalization to over $315 Bln, just much near to its $335 Bln record.
Since its yearly lows below $4,000 in March, when prices crashed over 50% within a single day, BTC has rebounded by over 330%. Since 1st Jan., the leading cryptocurrency has gained 130%.
BTC’s “spectacular surge” in 2020 largely mirrors its 2017 trajectory, Ben Zhou, co-founder and CEO of derivatives exchange Bybit, said. One key difference in this point, however, is that the “infusion of institutional money.”
With Monday’s rally, BTC is now trading roughly 15% below its all-time high of just about $20k set earlier in December 2017.
On the other hand, alternate cryptocurrencies are following in bitcoin’s wake. Leading altcoin Ethereum [ETH] is trading at $483 USD, up 20% this month. Litecoin [LTC] has gained around 30% a month so far. Even dogecoin, which stayed quiet after its short-lived TikTok craze earlier in July, spiked nearly 10% Monday, before giving back a number of its gains within the afternoon trading hours.
Despite BTC’s strong performance during a predominantly spot market-driven rally fueled by North American buyers, exchange trading volumes remain relatively unimpressive. for instance, the monthly volume of Coinbase’s BTC/USD trading pair has stayed nearly flat since June.
November could mark a shift therein trend, however, as OTC trading is growing at a gentle clip. Halfway through November, volume at the industry-leading desk B2C2 was roughly adequate to the entire month of October, added founder Max Boonen. “Market prices can also add some little to no volume,” he added.
As BTC continues to rally, Zhou added that “We could see minimal resistance until the Bitcoin [BTC] price approaches its all-time high again.”