The price of bitcoin, the largest cryptocurrency by market capitalization, surpassed the $ 10,000 mark today at 12.10pm, for the first time in seven weeks.
Claimed $ 10,000
The last time bitcoin was traded above $ 10,000 was June 2nd. Later, according to data available on CoinMarketCap, it rose to $ 10,200, only to stagnate in June and July and stay at $ 9,200.
$ 10,000 is an important level for bitcoin, as it was around this price range that it held before the March coronavirus crash.
For now, one can only speculate why the BTC price has risen. This may be due to the huge interest in the decentralized finance (DeFi) sector. DeFi are decentralized financial products, most of which are based on Ethereum. ETH today hit its highest price since July 2019 – $ 318.
According to Glassnode, before bitcoin’s price rose, exchanges were depositing more BTC than being paid out. This was the first time this happened since January this year.
Another thing that supports this theory is bitcoin losing dominance to altcoins. According to CoinMarketCap, Bitcoin’s dominance in the market is only 62%, the lowest since last July.
“Therefore, it makes sense that Bitcoin’s net flows to exchanges are starting to pump up again as most investors use exchanges to convert BTC into altcoins.”
Said Pedro Febrero, market analyst at Quantum Economics.
Almost accurate forecast
Bitcoin’s rise above $ 10,000 was predicted by Timothy Peterson, investment manager at Cane Island Alternative Advisors. Peterson predicted that the BTC would re-test for $ 10,000 by mid-August. His theory was based on the use of Metcalfe’s law and it came true three weeks earlier than expected.
#Bitcoin # 10KCountdown is inspired by this price prediction from a popular (but not knowledgeable) bitcoiner. Using Metcalfe’s law, I will show how predictable bitcoin’s price is (within statistical margins). We’re 49 days away. pic.twitter.com/VBnvNzsB0i
– Timothy Peterson (@nsquaredcrypto) July 1, 2020
Current course You can always check Bitcoin and other cryptocurrencies in the tabs: exchange rate Bitcoin and cryptocurrency rate on our website. In turn, a proven place where you can buy Bitcoin and other kryptowaluty, include Poland cryptocurrency exchange BitBay.net. If you do not have an account on BitBay yet, in this article you will learn how to create one quickly and efficiently: LINK.