Bitcoin's (BTC) parabolic rally intensified on Wed as the price broke above $36,000 for the first time, sending a potent signal that the bull market still has further room to grow.

The flagship cryptocurrency peaked at $36,574.47 on Bitstamp, easily surpassing its previous all-time high. The toll has gained eight% on the twenty-four hours and more than than 25% over the past week.

At press fourth dimension, Bitcoin was trading at $36,367.

BTC/USD daily chart. Source: TradingView

At the current value, Bitcoin's market capitalization has grown to $669.two billion, accounting for roughly 68.iii% of the overall cryptocurrency market.

Bitcoin's latest breakout defies warnings that the market could be facing overbought resistance in the most future. An overheated futures market and large liquidations from some of Asia's largest holders raised the possibility of a short-term pullback.

So far, Bitcoin's digital-gold narrative appears to accept squashed whatever semblance of a major pullback as institutions and retail traders purchase the dips. Equally Cointelegraph recently reported, Bitcoin is experiencing a supply shortage every bit major buyers like Grayscale and PayPal continue to scoop up all of the newly mined BTC.

Bitcoin continues to exert a stiff gravitational pull on the broader market place, with major altcoins likewise printing new local highs. Ether (ETH) briefly surpassed $one,200 on Midweek. Litecoin (LTC), XRP, Bitcoin Cash (BCH) and others also saw significant gains.