BTC has surpassed $47,000 on Monday, after rising from $44,000 to $46,000 during the night of March 28. According to Binance, the token has peaked at $47,600 - the high of early January 2022. Earlier, BTC broke through strong resistance at $45,000, which previously reversed the cryptocurrency downwards several times.
At the time of writing, Bitcoin was trading at $47,315. BTC gained more than 5% yesterday.
The asset jumped by 13% over the last week. The BTC dominance index increased by 0.2% to 40.6%, while the fear and greed index rose by 18 points to 49.
BTC began to steadily recover lost ground after March 14. Before that, the cryptocurrency dipped below $38,000. Since then, the asset has gained 15%. Throughout most of the month, BTC remained in a sideways trend, fluctuating between $37,000 and $42,000 without making sharp moves in either direction.
Bitcoin lost more than 16% in January 2022, but rallied by 12% in the following month.
Overall, the cryptocurrency slumped by more than 40% after hitting an all-time high of $68,990 in November 2021.
Over the past year, BTC increased 1.6-fold, rising to $46,200 from $28,900 in the beginning of 2021.
Major altcoins also surged upwards on Sunday. Ethereum rose by 5% to $3,300, while Binance Coin added 4%, reaching $433.
Cardano was the best-performing altcoin last week. The token advanced after its founder, Charles Hoskinson, pledged the Cardano blockchain would have the same performance as Solana at the end of the year.
According to CoinGecko, the total market capitalization of the crypto market rose by 5% to $2.2 trillion over the past 24 hours.
Bitcoin's uptrend was triggered by reports that Luna Foundation Guard invested more than $1.1 billion into BTC to ensure the sustainability of the Terra USD stablecoin.
According to an outlook by Bank of America, regulation of the crypto market would boost investors' confidence, increasing the market cap of the crypto market 15-fold to $30 trillion.
However, BTC could face significant economic and geopolitical issues if the US launches its CBDC. For example, the Chinese government moved against Bitcoin while preparing to launch a digital yuan, Bank of America analysts noted.
