Today, Bitcoin (BTC) reached $ 10,000 after it finally managed to cross a long-term downtrend line at $ 9,400. The break above the important psychological level comes when there are only 4 days left before the reward of the Bitcoin block is halved and a strong sustained increase in the purchase volume shows that retail traders are piling up regularly in digital asset.
Weekly crypto market price table. Source: Coin360
Data from Cointelegraph Markets and CoinMarketCap show that shortly after 11:34 p.m. UTC BTC / USD rose to $ 10,000. From this point on, traders will monitor whether the price is declining at this level, although FOMO from retail investors can easily drive up prices.
The five-figure recovery feat occurred after an absence of almost four months and since the price dropped to $ 3,750 on Black Thursday (March 13), the price of Bitcoin has risen by more than 160%.
As the price of Bitcoin passed through the resistance of $ 9,400 and rose to $ 10,000, Bloomberg reported that hedge fund manager Paul Tudor Jones had disclosed a new allocation made to Bitcoin in a letter to a client.
According to Jones, Bitcoin’s performance is akin to the role played by gold in the 1970s and he told his clients, “The best strategy for maximizing profits is to own the fastest horse,” and he explained by saying:
If I have to plan, my bet is that it will be Bitcoin.
Bitcoin weekly price table. Source: Coin360
Altcoins play catch-up
While the price of Bitcoin jumped 8.92%, a handful of the top 10 altcoins followed with smaller gains. Ether (ETH) gained 3.53%, while Binance Coin (BNB) and Bitcoin Cash (BCH) added 1.76% and 2.52% respectively.
The cryptocurrency’s overall market capitalization now stands at $ 269.2 billion, with a Bitcoin dominance rate of 67.9%.
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