Bitcoin Surges Above $79,300 as Trading Volume Reaches New Heights
Bitcoin (BTC) broke above $79,300 on Wednesday, marking its highest level in 11 weeks. This move represents a 3.8% gain in the 24-hour window and brings the total market cap for BTC alone to over $1.57 trillion, according to CoinGecko data.
The surge in price has occurred across major pairs, with BTC posting gains against the euro, yen, and pound in the same window. The significant increase in trading volume also contributed to this move, reaching approximately $51.9 billion in 24 hours.
This development comes after months of consolidation below $78,000. Investor Kevin O'Leary stated that he has narrowed his crypto portfolio to Bitcoin and Ethereum (ETH) only, citing a lack of institutional durability in alternative tokens. This sentiment is reflected in the Invesco Galaxy Ethereum ETF's $1.2 million inflows on April 20, indicating parallel accumulation in ETH as BTC leads the move higher.