Bitcoin (BTC) surpassed $20,000 on Tuesday, September 27, as the cryptocurrency sector as a whole slowly moved closer to the all-important $1 trillion market cap. This surge was backed by a pause in the market volatility that has gripped the world this week.
According to statistics obtained by Finbolt from CoinMarketCap, the size of the broader cryptocurrency market increased by more than $50 billion between September 26 and September 27, rising from $921 billion to $974 billion.
The rise reflects a 5.48% gain over the previous day, while the entire crypto market volume during the previous 24 hours increased by 47.30% to $85.68 billion.
Elsewhere, the leading digital asset is trading at $23,216, an increase of 7.03 percent over the last 24 hours and 4.4 percent over the preceding seven days. The overall market value of Bitcoin is present at $388 billion, with a current dominance of 39.84%, a gain of 0.65% from the previous day.
Intriguingly, the behavioural analytic platform Santiment observed on September 27 that three and a half times as many Bitcoin transactions were performed on days when an address was successful as on days when an address was losing money.
The gains happened amid a time of relative calm on global markets in reaction to swiftly tightening monetary policy to battle inflation and recession worries.
The MVIS CryptoCompare Digital Assets 100 Index lost just 1% in the last month, while global bonds dropped 6%, global equities dropped 10%, and commodities dropped 11%, leading some to speculate that the worst may be over for cryptocurrencies.