Bitcoin breaks $10,000 for the first time since June

BTC strong performance eclipsed by Ethereum surge

Bitcoin (BTC) surged beyond $10,000 on Sunday evening, reaching its highest price in a month after weeks of stagnation.

By 5:00 AM (GMT) the world’s leading cryptocurrency traded at $10,296, before dipping slightly.

BTC previously broke the key psychological benchmark on June 3, but declined steadily in subsequent weeks, at one point falling below $9,000.

A prolonged period stuck in the low $9,000s provoked some disquiet from crypto enthusiasts, while others stressed how only four years ago few would have complained at a weeks-long stabilisation around that level.

Indeed, referring to the pace at which BTC has become normalised, Binance CEO Changpeng Zhao joked after the crypto’s latest surge: “$10k is no longer exciting.”

While Bitcoin may have risen by 11 per cent in the past week, its gains have been eclipsed by an ongoing Ethereum (ETH) surge.

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ETH surged by over 35 per cent in the past seven days, buoyed by an increasing number of Decentralised Finance (DeFi) applications. At $329, the second-largest crypto traded its highest level since June last year.

At the start of July there was less than $2bn (£1.5bn, €1.7bn) locked in to DeFi smart contracts, by July 27 this number is thought to stand at $4bn. A majority of these non-custodial financial products live on Ethereum and have thus driven the crypto upwards.

By mid-morning Monday trading, Bitcoin traded down 0.9 per cent on the platform at $10,175, while ETH traded stood down 0.57 per cent $322.52.

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