Bitcoin briefly surpasses $9,700, marking a new 2020 high
Analysts predict that the price of the cryptocurrency is set to move even higher
The world’s major cryptocurrency, Bitcoin (0'>BTC), has briefly surpassed an important checkpoint of $9,700, hitting a new 2020 high.
Bitcoin crossed the mark late on Wednesday, February 5. After hitting $9,775 the price faced a moderate correction. At press time, Bitcoin is hovering around $9,600 being up 4 per cent on a 24-hour range.
Bitcoin dominance on the market was 60,96 per cent, while its market cap was around $175.2bn.
As Rakesh Upadhyay, analyst at Currency.com, wrote earlier this week, Bitcoin is likely to move further to $10,000 in the long term. If the price does not give up much ground from $10,550, the rally is likely to extend to $12,000.
Cointelegraph analysts wrote that Bitcoin has just completed the three white soldiers candlestick pattern, which is a bullish arrangement. They believe that further continuation past $9,700 is likely.
In the meantime, other major currencies were also in the green. The world’s second largest crypto, Ethereum (ETH), was up almost 10 per cent to $209.15. Bitcoin Cash and Bitcoin SV were up 13.6 and 11 per cent respectively, while EOS gained 8 per cent.
Michael Novogratz, billionaire and CEO of digital assets bank Galaxy Digital, believes that some alt coins could even outperform Bitcoin. In a tweet dedicated to a recent bullish move in the market he wrote that XRP and other cryptos are still in the "proving phase", They aren’t going to succeed as solely a store of value as Bitcoin has already taken the lane. Therefore, they have to build up their own use cases and local communities.
FURTHER READING: Bitcoin transactions pass half a billion