The best regulated crypto exchange
Find out why?
50 BTC prize pool!
Get your share!
I'm in

Bitcoin briefly surpasses $9,700, marking a new 2020 high

By Yana Berman

Analysts predict that the price of the cryptocurrency is set to move even higher

The world’s major cryptocurrency, Bitcoin (), 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, 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 prediction this week February 3 to 9: Bitcoin likely to move up gradually to $10,000

FURTHER READING: Bitcoin transactions pass half a billion

Like to share your thoughts and ideas about crypto and trading? You could join us as an external author. Email us on [email protected] to find out how you could become a contributor.
Subscribe to news
iMac Image
The most beautiful trading app
google play storeapple store
iPhone Image
iPhone Image