Bitcoin’s (BTC) parabolic rally intensified on Wednesday, as the price broke above $36,000 for the first time, sending a strong signal that the bull market still has further room to grow.
The flagship cryptocurrency peaked at $36,574.47 on Bitstamp, easily surpassing its previous all-time high. The price has gained 8% on the day and more than 25% over the past week.
At press time, Bitcoin was trading at $36,367.
BTC/USD daily chart. Source: TradingView
At the current value, Bitcoin’s market cap has grown to $669.2 billion, accounting for roughly 68.3% of the overall cryptocurrency market.
Bitcoin’s latest breakout defies warnings that the market could be facing overbought resistance in the near future. An overheated futures market and large liquidations from some of Asia’s largest holders raised the possibility of a short-term pullback.
So far, Bitcoin’s digital gold narrative appears to have squashed any semblance of a major pullback as institutions and retail traders buy the dips. As Cointelegraph recently reported, Bitcoin is experiencing a supply shortage as major buyers like Grayscale and PayPal continue to scoop up all of the newly mined BTC.
Bitcoin continues to exert a strong gravitational pull on the broader market, with major altcoins also printing new local highs. Ethereum (ETH) briefly surpassed $1,200 on Wednesday. Litecoin (LTC), XRP, Bitcoin Cash (BCH) and others also saw significant gains.