The market has continued its surge for the third day in a row. Steadily, it continues to climb higher with the total market cap now above $255 billion. For Bitcoin, this third day has seen it make a huge leap.
In the last 24 hours, the digital asset has soared by more than 4% to break above its $9,200 resistance position. This comes as the stock market sees some of its worst days. Yesterday, in particular, the stock market had its worst drop since October.
At press time, Bitcoin is trading above $9,350. Although not all analysts agree, the recent market surge has been credited to the escalated situation with the Coronavirus which continues to spread and claim lives around the world.
Bitcoin has grown to be a safe haven in situations of uncertainty next to gold. This thought, ‘the market is soaring due to Coronavirus worries’ is backed by the stock plummeting and gold surging. Despite this, as we reported, analyst Mati Greenspan does not believe that the outbreak is behind the rally.
Altcoins are soaring in tandem. Ethereum which has been performing spectacularly in recent days, at times outperforming Bitcoin, has soared by around 5% in the last 24 hours. XRP, the second-largest altcoin by market cap is posting a moderate gain of just over 3% and gaining a strong foothold at $0.23.
A majority of altcoins are posting gains of between 2% to 15%. Since they are not outperforming Bitcoin, Bitcoin’s dominance remains above 66%. This is a healthy position and which means the entire market will continue enjoying gains in the short term.
At $10K, FOMO Will Send BTC To The Moon
For Bitcoin bulls, all eyes are on $10,000. This position could see the digital asset go parabolic. In the past, analyst Tom Lee has noted that this position could see FOMO (Fear Of Missing Out) set in and send prices to the moon.
But before we can see $10K, there are two key resistances that Bitcoin must overcome, $9,500 and $9,800. It is also key that the asset establishes support above $9,200 if there is a retracement in the coming days.