💵 According to AMBCrypto: $BTC Makes Push Above $62,000
Analysis of the crypto market capitalization trend on CoinMarketCap revealed that it stood at around $2.3 trillion at press time.
Recent data indicated a reduction in market cap over the past few weeks, with a decrease of over 2% in the last 24 hours. Declines in the prices of various crypto assets primarily drive the decrease.
Also, following a period in 2022 where the market capitalization fell below the $2 trillion mark, it re-entered this range around March and has since remained there, albeit with fluctuations.
Further examination of the data highlights that out of the total $2.3 trillion market capitalization, Bitcoin accounts for over $1.2 trillion.
Also, despite market fluctuations, the price of Bitcoin has managed to hover around $60,000.
This ensured that its market capitalization remained above the $1 trillion mark for an extended period, allowing Bitcoin dominance to remain above 50%.
AMBCrypto’s analysis of the Bitcoin daily timeframe price trend indicated that it has surged above the $62,000 price zone. It was trading at around $62,500 at the time of writing, with an increase of over 1%.
This marked the first return to this price range in the last three days.
Should this momentum persist, BTC may test its short-term resistance level at around $64,000.
However, it’s worth noting that it remained in a bear trend according to its Relative Strength Index (RSI) at press time.