Digital Assets Market Cap Surpasses $700 Billion as Bitcoin (BTC) Surges to $27,000+: Report

Digital asset exchange Binance notes in its crypto market overview report that Bitcoin (BTC) continued its previous week’s bull run. The flagship digital currency managed to break its all-time high several times within 24 hours, stopping only slightly above the $24,000 mark on Saturday (December 25, 2020).

On December 26, 2020, Bitcoin surged past the $25,000 mark and is currently trading at $27,850 (at the time of writing). As confirmed in Binance’s report, BTC keeps setting new highs (and this recent rally is truly unprecedented because it has lasted considerably longer than the others among other new developments).

This past week, Ethereum (ETH) moved somewhat similarly to Bitcoin, however, it didn’t come close to breaking its all-time high from January 2018, when the ETH price reached $1,432, Binance’s report noted. It added that ETH began the weekend with a fairly small rally, stopping at around $668 this past Sunday before declining to a weekly low of $571 on Wednesday (December 23, 2020). ETH was trading at about $615 on Friday (December 25, 2020). Ethereum is trading at just over $650 at the time of writing.

Binance Coin (BNB), one of the most successful altcoin projects, managed to break its 52-week high when it reached $35.56 this past Sunday. But after that, a sudden drop on Monday led to BNB trading as low as $30 on Tuesday, the report from Binance confirmed. BNB was trading at $32.41 by the end of Christmas day and is trading at $33.28 at the time of writing.

The report added:

“The volatile [cryptocurrency] market cap started on Saturday at $652 billion and continued to grow, reaching a weekly high of $679 billion on Sunday. Market cap hit the weekly low at $613 billion on Wednesday but started to recover, reaching $655 billion on Friday.”

Total digital assets market capitalization stands at over $727 billion at the time of writing. It appears to be approaching its all-time high of over $850 billion that was reached in early 2018.

While sharing other crypto and blockchain industry updates, Binance noted that it has launched a $10 million fund to support various initiatives that are part of the Polkadot ecosystem which focuses on enabling interoperability between different blockchain or distributed ledger technology (DLT) platforms.

The Binance team stated:

“We are establishing a $10 million fund to empower innovative projects to be built around the Polkadot ecosystem. This fund is part of our wider commitment under Binance Launchpool to bring the decentralized finance (DeFi) experience to Binance users.”

Notably, Binance Korea will be closing down operations. Binance KR will “terminate the local exchange operations due to low usage and volume with limited trading pairs of BKRW, resulting in limited liquidity for its users,” the Binance team confirmed.

The exchange also noted that “following the exchange’s closure, the Binance KR team will reassess its market strategy based on the resources and experience of operating a local exchange.”

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