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The cryptocurrency market approached $900 billion as bitcoin rallied to $35 000

There is a parabolic phase of a bullish rally in Bitcoin, as a result of which, Bitcoin breaks its own records every day. Yesterday, it climbed to $34 800, while the cryptocurrency market capitalisation set a new all-time high and exceeded 892 billion.

The growth in the total market capitalisation of the cryptocurrency market is driven by bitcoin, whose dominance is growing. At the time of publication, the dominance index exceeded 72%.

At the same time, trading volumes are growing.
An acceleration of the parabolic rally is observed. The price of BTC / USD increased by $4 200, which corresponds to 14.5%. Experienced cryptocurrency traders expect bitcoin to reach the top of the first wave of the rally in the very near future, after which a correction will begin.
Most analysts claim that the correction will be 30-40%, and its bottom will be in the in the area of a long-term historical maximum of $20 thousand.
However, not everyone thinks so. There is another point of view, where it is believed that we will never see BTC for $20 000 again. It will take a “black swan” event to fall to the support of $20 000. The minimum price rises very quickly thanks to the support of long-term buyers.

Such a "black swan" may well be a joint meeting of both chambers of the US Congress, which will be held on January 6. Parliament must finally approve the electoral votes and declare the winner of the presidential race. If this does not happen, then the markets will react with a fall.

Alexey Shternshis
Pi Capital Union


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