Bitcoin (BTC) price has suddenly spiked in the first hours of January 29, allowing the virtual currency to reach $9,400 in some exchanges. At the same time, its dominance has also grown to over 66.3% after being some days below the current level. The best performing crypto among the top 10 remains Cardano (ADA) after growing by 8.01% in the last 24 hours.
Bitcoin Continues Expanding
The cryptocurrency market is excited about the future of Bitcoin and other digital assets. Indeed, Bitcoin started January close to $7,150 and it is now being traded over 30% up in the first 29 days of this year.
Users are mainly waiting for the upcoming halving event that will be reducing Bitcoin’s new issuance of BTC from 12.5 BTC per block (every single ten minutes) to 6.25 BTC. That means that the price of this virtual currency could be heavily affected by supply and demand changes in the coming years.
Even if they want to do so, miners will not be able to sell 12.5 BTC after the halving. They will have a cap of 6.25 BTC. If there is a massive increase in the demand for this digital asset, its price could skyrocket.
This Bitcoin price increase today, was not massively followed by other virtual currencies. Although all the top 10 cryptos are expanding with the exception of Bitcoin SV (BSV), their gains have been somehow moderated.
Ethereum (ETH), the second-largest virtual currency after Bitcoin in terms of valuation, surged by 2.14% and reached a market cap of $19.29 billion. Bitcoin remains the clear leader with a valuation of $168.92 billion.
XRP, the third-largest cryptocurrency, which is being used by Ripple and many other financial institutions around the world, grew by 0.87% and reached a market capitalization of $10.37 billion.
Bitcoin SV, which experienced a massive price increase in recent weeks, is now falling by 5.2% in the last 24 hours and it’s the only digital asset to be in red among the top 15.
The main question that crypto enthusiasts are now making is whether Bitcoin will have the chance to surpass its previous all-time high. In 2017, Bitcoin hit $20,000, the highest value ever recorded by the virtual currency. Things could be very positive this year for Bitcoin now that it is getting even closer to $10,000.