Bitcoin Reclaims $20K, Market Cap Above $1 Trillion, Elon Musk Buys Twitter

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2 years ago

In community: News update(17fa)

Topics: Altcoin, Blockchain, Cryptocurrency, Bitcoin, Bitcoin Cash, ...

Bitcoin managed to finally reclaim the coveted $20,000 level while the entire market cap is above $1 trillion again. Elsewhere, Elon Musk finalized the acquisition of Twitter.

After spending multiple weeks trapped around $19,000, Bitcoin’s price was finally able to escape the range and break out toward the upside. BTC reclaimed $20K and even poked above $21,000 before retracing a bit to where it currently trades. Elsewhere, Elon Musk officially acquired Twitter, so let’s unpack.

Bitcoin started the week trading at around $19,000, and it was seemingly trapped there for quite a while. However, the volatility picked up on Tuesday, and the bulls returned to the market, taking BTC’s price above $20,000 for the first time in over 20 days.

The march continued on Wednesday when the cryptocurrency briefly poked above $21,000 (on Binance), but buyers were unable to sustain the price, and it was pushed back toward where it currently trades at around $20,500. All in all, BTC is up 8% in the past seven days.

The rest of the market is also painted in green, with Dogecoin being the best performer and gaining a whopping 43%. Surely, this has to do with the fact that Elon Musk finally saw his acquisition of Twitter finalized. On the first day, he went straight off to fire some top executives, including the CEO and the CFO.

This has become one of the most controversial acquisition deals, and you can take a look at our complete timeline here. Elon Musk has also shared some of his plans and vision for the company, hinting at a potential subscription-based model in the future.

Ethereum is also performing extremely well over the past seven days, up almost 20%. All of this brought the total market cap above $1 trillion. It’s exciting to see if the momentum will carry on over next week or if the bears will have the final word.

Market Data

Market Cap: $1,038B | 24H Vol: $83B | BTC Dominance: 38%

BTC: $20,544 (8%) | ETH: $1,536 (19.8%) | BNB: $294 (9.4%)

This Week’s Crypto Headlines You Can’t Miss

Elon Musk’s Twitter Acquisition: What Happened so Far? Elon Musk finally acquired Twitter in a deal that’s likely to be remembered. Riddled with controversy, we present a full timeline of everything that led up to this moment.

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