The Bitcoin news today show that the Bitcoin price hits $9,000 again, proving that the bulls are still here and motivating other altcoins to post gains. Now, we can see BTC climbing on to $9,100 and the digital asset has a strong bullish momentum in the charts.
Despite its correction to $8,500 on Sunday, the price of the dominant coin quickly rebounded and found support in the $8,700 to $8,850 range, which is when it initiated the run. Now, the Bitcoin price hits even higher levels and the two scenarios involving a correction and a surge are still in play.
An interesting comparison on Twitter shows the price of Bitcoin (BTC) now compared to 10 years ago, when it was only $0.003.
— Crypto₿ull (@CryptoBull) May 4, 2020
What is very interesting is the fact that Bitcoin’s recovery comes as modelling from the United States Center for Disease Control and Prevention expects a rising rate of COVID-19 infections which will lead to 134,000 new deaths in the US by June 1. The news came as many states started executing plans that allow people to return to work in an effort to revive the economy.
While the Bitcoin price hits $9,000 again, further updates show that The Treasury Department announced that it plans to borrow $3 trillion this quarter, which would bring the total US debt closer to $25 trillion. Right now, more than 30 million Americans have filed for unemployment and a government-supported program designed to provide financial assistance to small businesses now expended all allocated funds within the first few days of rolling out.
— Debt To The Penny (@DebtToThePenny) May 4, 2020
As the Bitcoin price hits $9,000 again, many investors are bullish. The hourly timeframe shows that the BTC gains are solid and above 3% – and also putting some attention on the altcoin news which are also showing profits for many alternative cryptocurrencies.
In that manner, the winner in the top 10 altcoins today is Tezos (XTZ) which surged by nearly 6% to a new price of $2.80, followed by Bitcoin SV (BSV) and its daily gains of 4.53% which put it to $210, as well as Ethereum (ETH) which rose by 3.55% in the news.
There are even higher gains in the top 20, where we can see the Tron (TRX) price hitting $0.0165 with 7% gains overnight, as well as Cardano (ADA) which finally took the $0.05 level with gains upward of 6% this morning.
The total cryptocurrency market cap reclaimed the $250 billion mark as more gains are expected throughout the day. However, analysts don’t exclude the possibility of a new correction.
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