Bitcoin (CRYPTO: BTC) shot up 6.15% to $20,048.23 over 24 hours leading up to 12:27 a.m. EDT on Tuesday.
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The apex coin traded above the psychologically important $20,000 mark at the time of writing. In the intraday period, Bitcoin moved between $18,721.29 and touched a high of $20,228.72.
The largest cryptocurrency by market cap saw an 89.7% boost in 24-hour trading volume, which touched $49.06 billion at the time of writing.
The rise in Bitcoin comes despite the S&P 500 seeing the lowest closing since 2020.
“Chaos in fiat currencies is starting to make crypto look more attractive. Bitcoin’s modest weakness is rather impressive,” said Edward Moya, a senior market analyst with OANDA.
Cryptocurrency trader Michaël van de Poppe said that as Bitcoin “reclaims higher numbers” we’ll be able to reclaim the 200-Week moving average on the total market capitalization of cryptocurrencies.
If #Bitcoin reclaims higher numbers, we'll be able to reclaim the 200-Week MA on the total market capitalization of #crypto. pic.twitter.com/1HpzdBd42r
— Michaël van de Poppe (@CryptoMichNL) September 26, 2022
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