Bitcoin (BTC) Breaks Through Rp35.8 Quadrillion Market Capitalization

Bitcoin (BTC) has made history once again by breaking through a market capitalization of Rp35.8 quadrillion ($2.18 trillion)

The price of bitcoin rose sharply on Sunday (23/7) after surging through a market capitalization of IDR 35.8 quadrillion ($2.18 trillion) for the first time. This fantastic rise continues to highlight the tremendous bullish strength in the cryptocurrency market and signals growing investor confidence in the world’s number one digital asset.

ith prices reaching around IDR 1.7 billion ($104,000) per coin, bitcoin is not only leading the market rally but also expanding its influence among global financial institutions. However, behind this euphoria, some analysts warn of a potential price correction due to overbought market conditions.

Bitcoin Market Capitalization Breaks Records

Achieving a capitalization of IDR 35.8 quadrillion ($2.18 trillion) is an important milestone in bitcoin’s (BTC) journey as a global investment asset.

This surge was driven by daily trading volumes that reached more than IDR 904 trillion ($55 billion) on major platforms such as Binance and Coinbase. The influx of institutional investors also boosted the overall liquidity of the crypto market, making bitcoin more stable and attractive to big players.

This rise reflects the market’s increasing confidence in crypto as a financial instrument of the future.

With more companies and investment funds jumping into bitcoin, demand continues to rise and boost the market capitalization to an all-time high.

Also read: Blum founder and former Binance boss arrested, $BLUM airdrop in danger of being canceled?

Overbought Indicator: Time for Alert?

Although the price rally is still ongoing, some technical indicators hint at a possible short-term correction. Bitcoin’s Relative Strength Index (RSI) is now at 72, which indicates an overbought condition.

Meanwhile, the Moving Average Convergence Divergence (MACD) is still in the bullish zone, but is starting to flatten, signaling a potential weakening of momentum.

Analysts advise investors to be cautious, especially after the sharp rise over the past few weeks. A small correction could occur as part of the market’s natural consolidation. Nonetheless, the long-term outlook for bitcoin remains positive, especially with institutional adoption on the rise.

Also read: DigiAsia Shares Surge 91% After Bitcoin (BTC) Purchase Plan

BTC Wallets Grow, ETFs Rise, and Crypto Stocks Gain

Data from Glassnode shows that the number of wallets holding more than 1 BTC rose by 15% in just the last eight days. This indicates that more investors are capitalizing on market momentum to add to their bitcoin holdings.

In addition, crypto ETFs such as the ProShares Bitcoin Strategy ETF (BITO) also saw a 5% increase, now at IDR468,397 ($28.50).

Bitcoin’s rise also had a positive effect on stocks in the crypto industry. Shares of companies such as MicroStrategy (MSTR) rose 3.2%, Coinbase (COIN) rose 2.8%, and the S&P 500 index gained 0.5%. This shows an increasingly strong correlation between traditional markets and the cryptocurrency sector.

Beware of Pump Altcoin & External Factors

While major markets rallied, a number of small-cap altcoins experienced suspicious price spikes on Sunday, sparking concerns about a “Sunday Scam Pump”. Some altcoins recorded gains of between 20% to 50% in a short period of time, which made many traders wary of potential market manipulation.

Crypto influencer Crypto Rover warns users against getting carried away with excessive euphoria. He suggests that investors keep an eye on macroeconomic factors such as interest rates and global stock market conditions. Both of these factors could affect crypto market movements in the near future, either in an upward or downward direction.

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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.