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Bitcoin Breaks Above $10,000 for First Time Since September

February 9, 2020 at 19:57 by Matt Jackson

Bitcoin has broken above the $10,000 heavy psychological resistance level, for the first time since September 2019. It peaked at $10,166 on Sunday, yielding a 40% Year To Date (YTD) rise. The rest of the cryptocurrency market has made modest gains against the dollar, with Binance Coin and Tezos posting substantial gains.

Bitcoin has made substantial gains since the turn of the year. Having spent most of December trading between $7,000 and $7,500, BTC prices started their move north in the first week of the year. Having seen some pullback towards the end of January, it has rocketed in the two weeks since that time. Today’s gains have been relatively modest, adding just over 2% to its price. However, that 2% took Bitcoin over the important $10,000 psychological barrier and investors will be hoping that resistance will flip and provide support in the coming hours and days. The last time Bitcoin passed the $10,000 mark was June 2019 and it went on a sustained run, reaching $13,700 before pulling back hard.

A host of investors and analysts have said that these gains are just the start of things to come with predictions ranging between $20,000 to $100,000 for this current bull run. Much of the cryptocurrency’s increase has been attributed to the upcoming halvening, or halving. The event is set to take place in less than 100 days and means that the reward for mining Bitcoin will be halved from its current level. This means that fewer Bitcoin will be produced following the event. Major cryptocurrency exchange, Coinbase, has said that the halving will see Bitcoin become more closely comparable to physical gold. The company published a blog post and a series of tweets pointing to “technological advances, accelerating development, and maturing global market” as being the reasons that “Bitcoin is a store of value to rival gold in the digital age.”

While Bitcoin has seen 40% gains since the turn of the year, this has, in fact, been dwarfed by a number of major altcoins. Ethereum, the second-largest coin by market capitalization, has posted 75% gains while Ripple has added 45% to its prices. Bitcoin Cash, an offshoot of Bitcoin, has increased a massive 118%. Bitcoin SV, which is an offshoot of Bitcoin Cash, has seen its prices increase by a phenomenal 254% against the dollar. Litecoin has also seen its prices outshine Bitcoin since January 1st, posting 85% gains since the turn of the year.

On the day, the cryptocurrency market has followed Bitcoin’s lead. Litecoin has made a very small loss of just over 0.8% but the rest of the 10 biggest coins have all posted gains.

As of 19:45 GMT, Bitcoin (BTC) prices are up 2.34% against the dollar, changing hands at $10,062.21 while Ethereum (ETH) is up 1.45% and trading at $227.12. Ripple (XRP) has added 1.09% to its price, to reach $0.28. Bitcoin Cash (BCH) and Bitcoin SV (BSV) have increased by 0.14% and 1.81% and now cost $446.38 and $344.07 respectively.

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

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