The most dominant cryptocurrency Bitcoin hits $10,000 today and 9 February is suddenly a day worth remembering in the 2020 calendar. For those of you who don’t follow our cryptonews regularly, today we finally see Bitcoin hitting the five-digit mark and reaching its highest level since October last year.
According to data from Coinbase and other market indicators, shortly after 3:00 a.m. UTC, BTC/USD started moving upwards and reached the $10,000 mark on a high volume spike. However, the digital asset quickly pulled back to $9,975. At press time, we can see that Bitcoin hits $10,000 again and is in the safe waters with a 2.69% surge on the day.
The market also crossed the $285 billion mark (total cryptocurrency market cap) and the altcoin news updates showed that just like BTC, Ethereum (ETH), Ripple (XRP) and Bitcoin Cash (BCH) rose to new heights too.
We can also see that in the top 10, the best performer is Tezos (XTZ) which gained even 18% today to a new price of $2.63, followed by EOS (EOS) which posted a 5% surge on the day. The 12th placed Monero (XMR) is also gaining steam and crossed the $85 mark this morning.
As Bitcoin hits the new milestone at $10,000, we can expect a lot of good things in the near future. The truth is, BTC is still the most popular and dominant cryptocurrency – and it is often seen as a huge motivator and influencer for price gains seen in other coins. This is why the recent upgrade is so special and why Bitcoin deserves to grow even more.
The move to the symbolic $10,000, however, was preceded by the Bitcoin futures markets which briefly entered this zone on February 6. Still, now that Bitcoin hits $10,000, a lot of analysts estimate that the $9,500 level is its support.
“This isn’t the first time bitcoin has been valued above $10,000 and it might not be the last, but it is the first time that the valuation is justifiable based on fundamentals of the network,” said Mati Greenspan.
Currently, the overall cryptocurrency market cap is good and Bitcoin’s dominance rate is 63.7%. A handful of major altcoins are mirroring the cryptocurrency’s success and many tokens in the top 30 have already put in a solid performance for investors with daily gains of up to 20%.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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