Bitcoin rose above the $10,000 mark on Sunday for the first time since September 2019, with other cryptocurrencies following an upward trend.
Crypto Rally
Bitcoin broke through the $10,000 mark on Sunday, with its market cap rising to $183.4 billion. It is trading at $10,054 at press time.
Other cryptocurrencies have been performing well, with ethereum, the second leading cryptocurrency, trading at $226.28 at press time.
Ripple, the third leading digital currency by market cap, was at 28 cents at press time. Bitcoin cash traded at $442.41 at press time while it was at $381.29 on Feb 3. In a week, ethereum, ripple and bitcoin cash have risen 18.38%, 12%, and 16.03%, respectively.
$100,000 By December?
Crypto traders feel very optimistic about the following market movements.
Willy Woo, prominent crypto analyst, trader, and partner at a crypto hedge fund Adaptive Capital, calls this break-out a "real deal."
This breakout is the real deal. Fundamental investment activity is backing this $10k breakout. pic.twitter.com/IDWmhXX2Mj
— Willy Woo (@woonomic) February 9, 2020
Plan B, another analyst, tweeted, “So it begins,” with a screenshot of the prevailing Bitcoin price above the $10,000 mark. The analyst had posted a tweet previously on Jan 25, “IMO #bitcoin risk is OVERestimated, and risk of the current financial system collapsing is UNDERestimated.”
Bitcoin prices have risen nearly 40% since the year began. The rise in bitcoin is happening at a time when the reward to miners of the cryptocurrency would be cut in half in May.
Anthony Pompliano, co-founder and partner at Morgan Creek Capital, posted a tweet on Sunday regarding the price movement,
“Bitcoin just hit $10,000.I still think that Bitcoin will hit $100,000 by end of December 2021. Fixed supply. Increasing demand. Time will tell.”
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