Bitcoin hits $10,000 for first time since September

Pedro Gonçalves
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Bitcoin hits $10,000 for first time since September

The price of bitcoin surpassed $10,000 for the first time since September, as the leading cryptocurrency continues its rally in 2020.

It rose as much as 2.6% to $10,179 last Sunday, capping a gain of about 40% so far this year, according to Bitstamp pricing. With the surge above $10,000, the cryptocurrency's market capitalization has jumped to $183bn. The cryptocurrency is now up more than $3,500 from the low of $6,425 registered in mid-December. 

"This breakout is the real deal. Fundamental investment activity is backing this $10k breakout," Willy Woo, partner at Adaptive Capital, tweeted early Sunday.

Cryptocurrencies have been on an upward trend all year, with some analysts and digital-asset enthusiasts suggesting they've benefited as safe-haven plays amid ongoing geopolitical concerns around the globe.

 Ethereum is up 20% over the past five days and nearly 78% higher year to date. So far in 2020, Ripple is up 49%, bitcoin cash is 121% higher and Litecoin is up 88%.

Some Bitcoin enthusiasts are predicting further gains. Fundstrat Global Advisors' Rob Sluymer, for one, sees it rising through the second quarter this year to trade in a range of $10,000 to $11,000. 

Bitcoin peaked at almost $20,000 in December 2017 and finished that year up about 1,400% as the cryptocurrency burst into the mainstream. It plunged 74% the next year, before rebounding almost 100% in 2019.

The crypto rally coincides with new record highs on Wall Street; while all three benchmark indexes — the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite they closed Thursday at new highs before retreating on Friday.

 

This article was first published on sister website www.intenationalinvestment.net