Commodity Blog

Bitcoin prices may have dipped below the psychological $10,000 barrier in Monday night trading, but a $300 jump in less than an hour saw the cryptocurrency back above this important level. Holders will now be hoping that the former resistance turns to support and provides Bitcoin with a springboard to head for $11,000 and beyond. Having reached a high of over $10,300, the digital gold’s price posted a new year-to-date high passing the $10,100 set on Sunday February 9th and a price that it hasn’t seen since September last year.

A number of reasons have been cited for Bitcoin’s bullish start to the year, which has seen prices increase more than 40% in just over a month. Some have pointed to the coronavirus outbreak and indicated that this is a sign that Bitcoin is now being used as a safe-haven investment during global crises. Others are pointing to the halvening event, which is due to take place in May. There have been two similar events previously and, in both cases, there was a significant price again around the time of the event. If Bitcoin’s prices continue to rise at this rate for the next three months, it looks almost certain to break its all-time high.

As is becoming a common site in 2020, there is a sea of green across the whole cryptocurrency market.

Ethereum, which is the second-largest cryptocurrency by market capitalization has risen more than 6% and has held above $200 for nearly a week, having passed this significant milestone last Wednesday, February 5th. Significantly, it has broken the $220 resistance that prevented its progress in September last year and is trading at its highest figure since August 5th.

EOS, meanwhile, has continued its march, adding more than 7% to its price and seeing it overtake Litecoin in market capitalization. It is now the 6th largest coin. Tezos has seen the greatest gains of the top 10 coins, adding nearly 11% to its price and reaching $2.88.

At 20:15, Bitcoin (BTC) prices are up 3.27% to $10,156.75 while Ethereum (ETH) has risen by 6.2% and is changing hands at $235.61. Ripple (XRP) prices have gone up 2.06% at $0.28. Bitcoin Cash (BCH) and Bitcoin SV (BSV) have increased by 2.27% and 2.66% to trade at $461.50 and $361.12 respectively.

If you have any questions and comments on Bitcoin today, use the form below to reply.