Bitcoin Breaks $10,000 and Poised for More
Recent assumptions that the Bitcoin market might have reached its peak and was ready to turn due to its inability to stay above $9,500 level. However the BTC market has been relentless and surged past $10,000 yesterday. This was the first time Bitcoin broke past the $10,000 mark since September and has enjoyed a whopping 41% increase in value, year to date. Other major cryptocurrencies are doing well, with Ethereum gaining 20% in the past five days, and about 78% higher year to date, while XRP is has climbed up by 49%.
While some may liken this to the previous $20,000 bull run in December 2017, a report published by Forbes indicate that the statistics however say otherwise. Bitcoin and crypto analytics firm Glassnode mentioned that retail investors are not the reason for the latest rally as daily exchange deposits has dropped from 60,000 to 25,000 that was recorded during last summer’s bull run based on their statistics.
That is a far cry from the 200,000 daily exchange deposits logged during the 2017’s rally which was overtaking the price at that time. In fact, Institutional investors are the reason attributed to the price going past $10,000 as Grayscale, the largest bitcoin and cryptocurrency asset manager recorded that 2019 saw $600 million worth of inflows, in which was more that the inflows of 2013 to 2018 combined.
Image Source: blockpublisher
Another possible factor sighted on Yahoo Finance for the price rising from $6,400 to $10,000 in just seven weeks would be the impending halving that’s due to happen in May. This is because the halving would escalate the scarcity of Bitcoin due to the upcoming reduction on the miners’ reward from 12.5 to just 6.25 per block.
With the price of Bitcoin breaking the $10,000, the VHCEx Telegram channel noticed many traders were delighted when the price broking the resistance level, with some forecasting the price to skyrocket to $11,500, as according to the latest reports from author and cryptocurrency trader Flib Flib
Download the VHCEx app and begin trading Bitcoin (BTC) contract for difference (CFD) with minimal capital and maximum leverage of up to X150 times on https://download.vhcex.com/. Trade long or short while the market attempts to regain its momentum to reach the orignal forecast of $14,000.