Bitcoin Breaks Above $35,000, Market Cap Hits $650 bln.

Bitcoin (BTC) has once again recorded new all-time high by breaching the psychological $35,000. After hitting a high of $35,895, Bitcoin declined slightly to trade at $35,344, reflecting a gain of 13.4% in the last 24 hours. The market cap of Bitcoin, at the time of writing this article was $657.01 billion.

Interestingly, the numero uno crypto underwent strong price correction to $28,000, after reaching $34,800 on January 3. However, the decline did not last longer and the king of crypto rebounded sharply to $31,000 levels in a matter of few hours. After consolidating at $31,000 levels for around two days, Bitcoin broke past $35,000 level.

Notably, Bitcoin has appreciated about 80% after it broke $20,000 level on December 16. The crypto has gained 22% in seven days. The latest peak was hit a day after the US Office of the Comptroller of the Currency permitted national (federally chartered) banks to make use of stablecoins and also public blockchains for payment processing.

Alongside Bitcoin, Ethereum (ETH) has also broken above $1,000 level. At the time of writing this article, Ether was trading at $1,114 reflecting a gain of 9.8% in the last 24 hours and 51.6% in the past week.