Bitcoin Price Hits $10,000 for the First Time in 2020 — Up 40% YTD

Bitcoin News

Bitcoin (BTC) briefly hit $10,000 on Feb. 8, capping a momentous first month of 2020 to reach its highest level since October last year.

BTC seals $10K after three months

Crypto market weekly price chart. Source: Coin360

Crypto market weekly price chart. Source: Coin360

Data from Coinbase exchange and Cointelegraph Markets showed that BTC/USD moved to $10,000 on a high volume spike but the digital asset quickly pulled back to $9,975. The feat of reclaiming five figures occurred after a nearly four-month absence.

During that time, the pair traded as low as $6,400 before an abrupt bullish turnaround saw January alone deliver gains of 35%.

The move to the symbolic $10,000 level was preceded by Bitcoin futures markets, which briefly entered the zone on Feb. 6.

Traders had been primed to expect a strong directional move, with Cointelegraph Markets analyst filbfilb identifying $9,550 as likely support.

Fellow analyst Mati Greenspan added:

“This isn’t the first time bitcoin has been valued above $10,000 and it might not be the last, but it is the first time that the valuation is justifiable based on fundamentals of the network.”

Bitcoin weekly price chart. Source: Coin360

Bitcoin weekly price chart. Source: Coin360

Altcoins mixed after previous gains

Currently, the overall cryptocurrency market cap now stands at $283.9 billion, with Bitcoin’s dominance rate is 63.5%. A handful of major altcoins mirrored Bitcoin’s success, with Ether (ETH) rising 2.27% to pass $225, EOS rallying 8.27% and Bitcoin SV (BSV) reaching $365.14 on the back of a 24.24% daily gain.

Earlier in the week, many tokens repeatedly put in a solid performance for investors, with daily gains for some topping 25%.

Keep track of top crypto markets in real time here

Products You May Like

Articles You May Like

Ripple Letters Get SEC Reply, How It May Affect The Ruling
MetaMask Institutional unlocks solo ETH staking marketplace
Arbitrum airdrop: Hacked vanity addresses used to siphon $500K
Bitcoin corrects on Fed rate hike, but bulls are prepared for Friday’s $1.2B options expiry
Tim Draper recommends founders hold ’at least’ two payrolls ‘worth of cash’ in crypto

Leave a Reply

Your email address will not be published. Required fields are marked *