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
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
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%.
Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.