It happened! Bitcoin (BTC) reached $10,000. This means that it is now the most expensive since the beginning of 2020. It is also the highest level in the chart since last autumn.
$10,000 on the chart
Data from the Coinbase exchange show that BTC/USD rose to $10,000 overnight. Behind the price jump was a sharp increase in volume. The cryptocurrency quickly returned to the level of 9,975 USD, but is now priced again at exactly 10,105 USD, which translates into a 3.5 percent increase in 24 hours. It is worth adding that the breakthrough of the psychological level of USD 10,000 previously took place on the bitcoin futures markets. There, such a price appeared already on 6 February.
Why is it rising again? – Analysts and investors will ask. It is not possible to answer this question clearly. Let us remember that already in May there will be a halving, i.e. a division of the prize for digging a new block in the BTC network. Moreover, there are many important macroeconomic and geopolitical issues in the background. We have panic caused by the coronavirus, tensions in the Middle East that could end in war, the unclear outcome of the future US presidential election and finally brexit, which has become a body. The cryptocurrencies have so far fed on people’s concerns. Is it the same now? Look at the altcoins…
Altcoins are also growing
Currently, the total market capitalization of the crypto is USD 283.9 billion and Bitcoin’s dominance rate is 63.5 percent. Several major altcoins go up in the chart with BTC. Token Ether (ETH) increased by 2.27% to reach USD 229, EOS strengthened by 8.27%, and Bitcoin SV (BSV) reached USD 36.14 and grew by as much as 24.24%.
Are we slowly entering a new boom and speculative bubble? It is still too early to answer this question clearly…