Bitcoin Pumps 12% to Roar Above $10K

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Bitcoin has breached the milestone USD 10,000 mark today, as it trades in a five-digit valuation for the first time since 5 March 2018.

The incredible momentum from the past few days has continued well into the weekend, as bulls threw off the training wheels to register a huge 12% surge in price to hit a daily high of USD 10,938, starting the day 24 hours earlier at USD 9,770. Right now, it is still trading on a buoyant mood, at USD 10,898 (11:10 am UTC, CoinDesk). It has grown by over 25% in just one week.

The rest of the crypto market is experiencing similar runs, with Ethereum leading the pack with a 7.35% growth to hit its own new highs at USD 309. Almost every other altcoin in the Top 50 assets by market capitalization has enjoyed a boost in price as well, though none as significant as the world’s most popular crypto. The total market capitalization now stands at USD 326 billion with a Bitcoin dominance of 59.5%(CoinMarketCap).

Analysts and commentators will now be waiting to see what happens on Monday, as the weekend is almost sure to bring more bullish sentiment and a frenzy of buying. If the bullish analysts such as Tom Lee from Fundstrat are correct, then this USD 10,000 breach is the start of “real FOMO” that will trigger a long-term rally towards new highs beyond the all-time number near USD 20,000.

How long this may take, however, is anybody’s guess but there will be plenty of people willing to throw in their predictions. Some already believe the last opportunity to buy Bitcoin below USD 10,000 has passed, with USD 100,000 — a six-digit valuation, now the next target.

 

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