Bitcoin (BTC), the largest cryptocurrency in the market was able to surpass the $10,000 level a very important price for the digital asset. The last time that Bitcoin was traded around this price was at the end of September last year, more than four months ago.
Bitcoin Continues Its Bull Market
Bitcoin continues to grow in the cryptocurrency market after a very positive beginning of the year. While January was a great month for Bitcoin, February seems to be the continuation of this bullish momentum that the most popular crypto gained.
Since the beginning of the year, Bitcoin was able to move from $7,200 to over $10,100 in some exchanges, which represents a price increase of more than 40% in a very short period of time. Bitcoin is known for being a volatile asset. The main question is for how long Bitcoin will continue growing.
The whole crypto market is behaving in a bullish way. Among the top 10 digital assets, Tezos (XTZ) is the one with the largest price increase in the last 24 hours. Indeed, it was able to grow by 13.45%. Binance Coin (BNB) moved up 4.42% followed by Bitcoin SV (BSV) and Litecoin (LTC). These last two virtual currencies experienced a growth rate of 3.44% and 2.65% respectively.
The whole crypto community is now excited about the recent price increase of Bitcoin. Many of them are celebrating on Twitter. For example, Anthony Pompliano, co-founder and partner at Morgan Creek Digital explained that Bitcoin reached $10,000 and that he thinks it can still reach $100,000 by the end of December 2021.
In order for this to happen, Bitcoin would have to grow by ten times in two years, which is certainly something that the digital asset can do. It is worth mentioning that in May this year, Bitcoin will be experiencing another halving event.
This would reduce Bitcoin’s new issuance from 12.5 BTC per block to 6.25 BTC per block. In this way, Bitcoin’s market would be less prepared to absorb a BTC demand shock from the community. If the price starts growing and a larger number of users decides to enter the market, it will certainly be positive for Bitcoin’s price.
At the time of writing, Bitcoin is being traded around $10,069 and it has a market cap of $183.35 billion.