Bitcoin (BTC), the largest cryptocurrency in the market is getting closer to $9,000 as most of the stock markets register gains in a week that was marked by volatility and the Coronavirus outbreak in Europe. The main question is whether Bitcoin could sustain this growth or whether the whole financial system is poised to continue falling.
Bitcoin Gets Closer To $9,000
Enthusiasts are getting excited about Bitcoin getting closer to $9,000. At the time of writing this article, Bitcoin is being traded around $8,900 and it has experienced a price increase of over 1% in the last 24 hours. In addition to it, its market capitalization is now $162.64 billion as reported by CoinMarketCap.
Among the top 10 virtual currencies, only one is registering losses: Bitcoin SV (BSV), which is now falling almost 5% and it has a market capitalization of $4.31. Ethereum (ETH), Litecoin (LTC), XRP and Bitcoin Cash (BCH) are operating in the green zone as well.
The best performing crypto asset among the top 10 is Tezos (XTZ), which surged by 12.21% in the last 24 hours. In addition to it, it has a market capitalization of $2.26 billion. In the last few weeks, Tezos showed strength and continued moving higher despite the falling and weak market conditions.
Virtual currencies have started a very positive year considering January and half of February were very good for digital assets and the whole crypto market. Many considered that Bitcoin and most of the virtual currencies were entering a new bull market that could eventually lead to Bitcoin and altcoins to reach new all-time highs.
One of the main reasons behind this price increase was related to Bitcoin experiencing a halving event. This halving event will be taking place as soon as in May 2020 and it is expected to have positive effects on the whole ecosystem. Bitcoin will be cutting its rewards to miners by 50%, which means that each of the blocks discovered by miners will give a reward of 6.25 BTC rather than 12.5 BTC as now.
According to PlanB, a recognized crypto analyst and Stock-to-Flow expert explained that the halving will produce good results for Bitcoin. This is due to the fact of the increasing co-integration that the digital asset is currently experiencing.