Bitcoin is once again trading in unchartered territory as its heated parabolic rally drives it to $40K. The world’s leading cryptocurrency started another rally in yesterday’s late sessions and broke the $36,000 and $36,500 resistance levels.
The BTC price even spiked above $37K and hit a new price record close to $37,400 before the rally slowed down momentarily. The bulls took over again in today’s sessions, resulting in a massive jump past the $38,500 and $39,000 levels.
As of this article’s writing, BTCUSD has broken the $40K mark for the first time in history, in what seems to be a full-fledged parabolic upswing that looks set to push the pair even higher in the coming days.
BTCUSD Chart By TradingView
Today’s great climb higher has now seen BTC set multiple new all-time highs over the past 24 hours before finally breaching the much awaited $40K barrier. BTC is now up 15% in the past 24 hours and has gained over 40% in the past seven days alone.
The flagship’s cryptocurrency has seen its market cap also shoot up to nearly $700 billion, bringing it even closer to challenging gold’s market cap. The coin now accounts for almost 70% of the entire crypto market cap, which recently breached the $1 trillion mark.
BTC Price Surge Has Yet to Enter “Overheated” Territory
The whole finance world stands in awe of Bitcoin’s astronomical rally over the past few weeks that has been fueled primarily by a surge in both retail and institutional interest.
Even as the top crypto asset continues to enjoy a prolific run as bulls take aim at the $40K mark, on-chain metrics indicate that the boom in value is only just getting started.
One on-chain analyst explained in a recent tweet that this current uptick still has a long way to go before it shows signs of exhaustion compared to past parabolic uptrends.
“This rally is warm but not yet overheated. This is how much ‘speculative premium’ we have right now compared to similar phases of the prior 2 bull markets,” analyst Willy Woo noted while sharing the chart below.
BTC Premium Above NVT Price by Willy Woo | Source Woonomics
Cardano (ADA) Rallies Higher
Bitcoin’s unrelenting uptrend has created massive tailwinds for the entire crypto market over the past few weeks. One of the primary beneficiaries of this boost from big brother bitcoin is ADA, which started a strong surge above $0.2800 and $0.2850.
ADA recently surpassed Bitcoin Cash (BCH) in terms of market cap to sit in sixth on the list according to data from CoinMarketCap.
The native token of the Cardano project, which has some exciting upgrades lined up in 2021, has now gained over 80% this week alone. The ADAUSD pair is trading for $0.3214 at press time and is likely to continue higher in the near term.
ADAUSD Chart By TradingView