Over the weekend the price of Bitcoin surged through the psychologically important $10,000 price level confirming the bullish sentiment in the crypto markets.
The price of Bitcoin surged through the psychologically important $10,000 price level confirming the bullish sentiment in the crypto markets. With the Bitcoin Halving less than 90 days away and growing speculation the halving may be a catalyst for further bullish momentum the crypto markets have roared into life in Q1.
Bitcoin hits $10K
In the early morning hours on Sunday, the price of bitcoin (BTC) shot past the $10,000 mark to reach a 2020-high of $10,189 per coin. The last time one bitcoin was worth $10,000 was almost five months ago. This confirms the positive sentiment seen in the crypto asset markets to start the year.
Crypto market analyst Mati Greenspan, who was predicting the $10,000 BTC price tag throughout last week, stated that $10,000 had become the new support line shortly after the price surge.
When asked about what his next price prediction would be, he responded: “Let’s not count the chickens before they hatch. I’d actually be content to just hold $10k for a while.”
The $10,000 support line was not maintained. The price of bitcoin dropped overnight to start the week at around $9,800 before roaring back to $10,200 on Tuesday to confirm the strong bullish momentum.
Brace yourself, alt season is here
While bitcoin (BTC) is up by over 34% year-to-date, leading altcoins such as ETH, XRP, and BCH are up by 67%, 39%, and 110% respectively. This suggests that an alt window may have opened, where altcoins are able to gain against BTC for a short period of time.
Is crypto back in 2020? The early signs are good. The crypto investment ecosystem has matured since 2017 and the investor community has become more sophisticated. The latter can be witnessed by the recent all-time high open interest for Bakkt Bitcoin futures and all-time high trading volumes of CME Bitcoin futures.
In addition, there are more institutional on-ramps and regulated crypto investment vehicles out there, which enable a broader investor base to take part in the next crypto bull market.
“There clearly seems to be more interest in bitcoin and other crypto assets as potential safe havens for investors worried by the volatility of the stock markets as the coronavirus crisis continues,” said Simon Peters, an analyst at investment platform, eToro.
“Gold, another safe-haven investment, has also enjoyed a bump in value recently. It is a crucial period in the run-up to Bitcoin block reward halving in May. Despite falling back slightly overnight, if the price stays at around $10K, it is likely to give investors confidence and stoke increased buying activity.”