Bitcoin’s (BTC) parabolic rally intensified on Wednesday as the value broke above $36,000 for the primary time, sending a powerful sign that the bull market nonetheless has additional room to develop.

The flagship cryptocurrency peaked at $36,574.47 on Bitstamp, simply surpassing its earlier all-time excessive. The worth has gained 8% on the day and greater than 25% over the previous week.

At press time, Bitcoin was buying and selling at $36,367.

BTC/USD every day chart. Supply: TradingView

On the present worth, Bitcoin’s market capitalization has grown to $669.2 billion, accounting for roughly 68.3% of the general cryptocurrency market.

Bitcoin’s newest breakout defies warnings that the market might be dealing with overbought resistance within the close to future. An overheated futures market and huge liquidations from a few of Asia’s largest holders raised the opportunity of a short-term pullback.

To date, Bitcoin’s digital-gold narrative seems to have squashed any semblance of a serious pullback as establishments and retail merchants purchase the dips. As Cointelegraph not too long ago reported, Bitcoin is experiencing a provide scarcity as main consumers like Grayscale and PayPal proceed to scoop up the entire newly mined BTC.

Bitcoin continues to exert a powerful gravitational pull on the broader market, with main altcoins additionally printing new native highs. Ether (ETH) briefly surpassed $1,200 on Wednesday. Litecoin (LTC), XRP, Bitcoin Money (BCH) and others additionally noticed vital positive aspects.