Home Cryptocurrency Bitcoin The bullish crypto market continues to move Bitcoin up, reaching 10,932 USD

The bullish crypto market continues to move Bitcoin up, reaching 10,932 USD

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The bullish crypto market continues to move the price of Bitcoin up, conquering another key threshold of 10,000 USD. The cryptocurrency price exceeds the 10,000 USD level for the first time in 15 months, returning more than half of the parabolic rise that pushed conventional investors to digital assets before the crypto bubble burst.

As of 07:05 a.m. ET, Bitcoin is traded at 10,932 USD, climbing more than 11.6% for the day. The world’s largest cryptocurrency is traded at the highest value since March 2018. Bitcoin gained more than 190% year-to-date and moves close of attacking the 11,000-USD mark.

bitcoin graph

There are signs of renewed interest by conventional investors in cryptocurrencies and blockchain technology, the latest example is Facebook’s cryptocurrency Libra. The social network has been working with a wide range of Visa partners to Uber Technologies to develop the system, and it has already drawn criticism from politicians who have voiced concerns about personal data and security.

Looking forward, Bitcoin may continue to shine bright as the cryptocurrency is set to undergo mining reward halving sometime in May 2020. The process designed to curb inflation by reducing the reward for mining on bitcoin’s blockchain is repeated every four years and leads to supply deficit. The upcoming reward halving may leave a bigger supply deficit if Facebook’s cryptocurrency Libra ends up boosting bitcoin’s appeal and adoption rate as predicted by some observers.

While Bitcoin’s long-term prospects look bright, the cryptocurrency may see a pullback in the short-term. After all, prices have rallied more than 140% in the last 2.5-months and bulls usually take a breather following such stellar gains.

After the strong bullish market on Bitcoin, its dominance rose to almost 60%, amid expectations of the analysts to grow to 70% soon. Bitcoin dominance has only grown since it broke out of the deepest depths of the bear market back in early April, kicking off a parabolic run that has yet to see any significant correction.

Cryptomarket recap

The cryptomarket is in strong bullish move today, with major digital coins gaining strongly after the surge of Bitcoin. The total crypto market value reached 326.803 billion USD.

Ethereum added 6.41% to 307.90 USD, reaching the highest level since August 2018. The cryptocurrency has a year-to-date growth of 130.50%.

Ripple’s XRP tested area above $0.4600 handle during early Asian hours and retreated to 0.4579 USD at the time of writing. The cryptocurrency gained 3.43% for the day, which the year-to-date growth is 28.9%.

Bitcoin Cash and Bitcoin SV were also edging higher, gaining 4.50% and 13%, respectively. Bitcoin Cash has year-to-date growth of 200%, while Bitcoin SV rose 192.7%.

The worst performer among the Top 10 cryptocurrencies was Litecoin, which added only 0.9% to 140.55 USD, but the cryptocurrency has the strongest year-to-date growth of 365.33%.

Among Top 20, Monero, Dash and TRON have strong gains, adding 5.4%, 7% and 2.9%, respectively. On the flipside was Cardano, losing 0.5%.

Bitcoin can easily reach 15,000 USD

Tyler Winklevoss, one of the co-founders of Gemini, recently told that Bitcoin’s price could surpass 15,000 USD with ease if it breaks the psychological barrier of 10,000 USD.

In his forecast, the entrepreneur believes the leading cryptocurrency will return to its highest values ​​of nearly 20,000 USD shortly. He refers to data that show that in 2017 Bitcoin takes only about eight days to reach from 10,000 USD to 15,000 USD.

Bitcoin needed a little over a week to reach its highest level before the market turned and the price of most cryptocurrencies dropped.

Bitcoin reached a bottom of 3,200 USD in December 2018 before it began to recover. Bitcoin has tripled its value and has grown by over 180% since the beginning of the year.

There are various factors behind the crypto market rally, including the peak in hash rate, mining reward halving next year, and the tension between the US and Iran.

Tyler Winklevoss has previously said the cryptocurrency is “Gold 2.0”. According to Gemini co-founder, Bitcoin has a lot of room for growth because its current market capitalization is less than 200 billion USD, while gold is about 7 trillion USD.