Bitcoin Moves Above $27k As Market Sentiment Slightly Improves

TL;DR

• Bitcoin is up by more than 1% in the last 24 hours and is now trading above the $27k level.

• The market sentiment has improved thanks to Tether’s Bitcoin purchase statement. 

Bitcoin Moves Past $27k Once Again

Bitcoin, the world’s number one cryptocurrency by market cap, has seen its value increase over the past 24 hours. After slipping below $27k earlier this week, Bitcoin has regained its value above that level.

At press time, BTC is trading at $27,225, up by more than 1% over the past 24 hours. The positive performance comes thanks to an improvement in market sentiment.

Tether, the largest stablecoin issuer in the world, announced a few hours ago that it currently holds $1.5 billion in BTC. The company said it intends to purchase more bitcoins with its realized profits.

With a company like Tether making that statement, it is not surprising that the broader market’s sentiment has improved.

The total cryptocurrency market cap is now up to $1.14 trillion after adding less than 1% to its value over the last few hours. 

Ether, the second-largest cryptocurrency by market cap, is still trading just above $1,800 per coin but is down by less than 1% so far today. 

MATIC, the native token of the Polygon ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap over the last 24 hours. MATIC is up by more than 3%, thanks to a series of partnership agreements announced on Wednesday.