Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Bitcoin Prepares for Another Run at $10,000 As Crypto Market Turns Green

February 5, 2020 at 19:57 by Matt Jackson

Bitcoin has reached its highest price since September 2019 today, stopping just short of $9,750. The rest of the cryptocurrency market has kept pace against the dollar, with Bitcoin Cash proving especially profitable for investors. Its price has risen nearly 15% on the day, while double digit gains have also been posted by Tezos, Zcash, NEM and Lisk.

Bitcoin prices posted significant gains in January, opening the month at $7,195 and closing at $9,350, an increase of 30% in one month. The world’s largest cryptocurrency then saw some subdued price action in the first few days of February, but started to post significant and continued gains from 10:00 GMT today. Since then, the price has risen nearly 500% and is up a little more than 5% on the day. BTC peaked at $9,745, which is the highest the cryptocurrency’s price has been in nearly five months, since September last year when it fell below the $10,000 mark. Bulls are hoping that today’s movement is a precursor to another test of the $10,000 psychological resistance level. Traders are now hoping that it retains its position above the $9,650 previous high, which would indicate further medium-term bullish behavior is on the cards.

Data tracking website, there have now been more than 500 million transactions on Bitcoin’s blockchain network. The website, which is named after the cryptocurrency’s anonymous founder, shows that Bitcoin only reached 250,000 in 2017, and has doubled its transactions in the 3 years since.

Bitpay has also released figures showing that they processed transactions worth more than $1bn in cryptocurrency last year, with the majority of these involving Bitcoin. Coinbase echoed the sentiment, pointing to a continued increase in the number of BTC transactions that were being processed.

While Bitcoin might steal the headlines today, its gains have been dwarfed by its younger sibling, Bitcoin Cash (BCH). Bitcoin Cash has posted gains of more than 13% against the dollar. The Bitcoin fork is changing hands at $431.56, its highest since the end of June 2019. Some traders are pointing to BCH’s hard fork, which is due to take place in April, as being a catalyst for the move, but a host of other cryptocurrencies, including other Bitcoin forks, have seen decent gains on the day.

As of 19:45 GMT, Bitcoin (BTC) prices had increased 5.05% to trade at $9,650.30. Ethereum (ETH) has also increased today, adding 7.65% t its price to trade at $202.84. Ripple (XRP) and Bitcoin Cash (BCH) have seen their prices increase by 3.92% and 13.95% to reach $0.276 and $431.70 respectively. Bitcoin SV( BSV) has added 9.61% and is now changing hands at $295.82.

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

Leave a Reply