The leading cryptocurrency, Bitcoin (BTC), has rapidly surged since the evening hours and once again surpassed the $26,000 price levels in the early hours of the day. With the increase in Bitcoin’s value, the cryptocurrency market has regained its upward momentum, pushing the total market cap of the crypto ecosystem to $1.05 trillion, according to CoinMarketCap (CMC) data.
Bitcoin (BTC) Crosses $26,000 Levels
The leading cryptocurrency, Bitcoin (BTC), which has been rapidly rising since the evening hours, has surpassed the $26,000 price levels in the early hours of the day, thanks to its recent value increases. Following Bitcoin’s breakthrough above $26,000, the cryptocurrency market has once again started to rise.
Ethereum (ETH), along with its recent value increases, has come close to the $1650 levels. The total market cap of the crypto industry has also reached $1.05 trillion, according to CMC data.
The rise in BTC has led to value increases in various other cryptocurrencies since the evening hours. Additionally, according to Coinglass data, the crypto market has seen approximately $55 million worth of short and long positions liquidated in the past 24 hours.
Furthermore, according to news reports in the evening hours, JP Morgan Chase has made a significant move in the blockchain industry. Bloomberg stated in its evening news that banking giant JP Morgan Chase is gearing up to develop a blockchain-based token to expedite cross-border payments and is conducting research on the subject.
Analyst Points to Critical Levels
Crypto analyst Michael Van de Poppe, evaluating the current situation of the leading cryptocurrency Bitcoin, highlighted critical price levels in a tweet. The analyst emphasized that the $25,500 levels are a critical support zone and expressed that if BTC falls below these levels, the losses could deepen.
Furthermore, the crypto analyst also discussed possible bullish scenarios. According to crypto analyst Michael Van de Poppe, if Bitcoin maintains its critical levels in September, it could initiate a new upward trend in the crypto market in the coming months.
