• October 22, 2020

Bitcoin Price Hits $10,000 for the First Time in 2020

Bitcoin (BTC) briefly hit $10,000 on Feb. 9, capping a momentous 1st month of 2020 to attain its highest level since Oct last year.

BTC seals $10K after 90 days

Data from Coinbase exchange and other markets showed that shortly after 3:00 AM. UTC BTC/USD shifted to $10,000 on a high volume spike; however, the digital asset quickly is taken back again to $9,975. The feat of reclaiming five numbers happened after an almost four-month absence.

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

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

Traders have been primed to expect a strong directional move, with the Markets experts identifying $9,550 seeing that likely support.

Another 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 will be the first time that this valuation is justifiably predicated on fundamentals of the network.

Altcoins mixed after previous gains

Currently, the entire cryptocurrency market cap right now stands at $283.9 billion, with Bitcoin’s dominance rate is 63.5%. A small number of main altcoins mirrored Bitcoin’s achievement, with Ether (ETH) increasing 2.27% to pass $225, EOS rallying 8.27%, and Bitcoin SV (BSV) getting $365.14 on the back of the 24.24% daily gain.

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

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