Market Update: Bitcoin Price Hits Five Figures, Surpasses $10,000

Bitcoin at $5500; Market Cap Heads Towards $100 Billion, BTC Sets Out For The Nearest Resistance Levels

Bitcoin hit $10,000 today, following a steady price surge in the past couple of weeks, for the very first time this year, as calculated by CoinMarketCap. Bitcoin attained the $10,000 mark last on March 8, 2018. At the beginning of this year, the digital coin was bearish with its price hovering around $3,300-4,000 in the first three months. Its first big break was in April when it hit $5,250 on 30th April 2019.

This new high of the year has stirred a lot of excitement amidst the bitcoin community causing a gradual price surge. Today it hit a new peak, at press time, Bitcoin is trading at $10,614, with a market cap of $188 billion.

This upward move is a great sign for bitcoin watchers, traders, and investors who believe that this is just the beginning of a major bitcoin bull market. In a recent interview with CNBC, Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, stated, “FOMO could take Bitcoin from $9,000 to $20,000 in months.”

This Bitcoin price surge is accompanied by a 13% increase in trading volume. Data provided by CoinMarketCap shows that bitcoin worth $24.15 billion has been traded in the past 24hrs. At press time, the total cryptocurrency market cap is at $321.6 billion.

What Is In Store for Bitcoin Moving Forward?

Bitcoin (BTC) price may continue on a positive trend, hopefully attaining a new all-time high and beating its highest record achieved in 2017. Bitcoin is set to undergo reward halving in May 2020.

This block halving and the launch of Libra by Facebook are likely to encourage further price surges in bitcoin in the long-term. However, some cryptocurrency experts predict that the digital token may encounter a short-term recession period. This is because, more often than not, bitcoin bulls take a little break following such a winning streak.

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