Bitcoin Reclaims $20,000 Level, Crypto Market Regains $1 Trillion Mark

Bitcoin, the number one cryptocurrency surged 8.26% early Friday to breach the psychological $20,000 level. This was after it has moved closer to its all-time low. The event led to the broader crypto market’s recovery.

BTC plummeted as low as $18,644 on Wednesday and was mostly trading between $19,200 and $19,300 yesterday. Continue Here

Today’s breakout has led to Bitcoin selling at $20, 750.57 as of writing. The last time BTC reached this level was on August 26, according to CoinMarketCap. 

The bullish price action also helped to propel the cumulative market capitalization of all cryptocurrencies back above the $1 trillion mark, with Bitcoin currently dominating 38.5% of the market.

Ethereum (ETH) has meanwhile surged 5.2% over the past 24 hours and is currently changing hands at $1,706, per CoinMarketCap.

Similar to Bitcoin, this is a two-week high for the market’s second-largest cryptocurrency, which is now in the final stages of preparing for the historical merge event that will see the network transition from its current proof-of-work (PoW) consensus algorithm to a less energy-intensive proof-of-stake (PoS) model.