Bitcoin beats $10,000 mark in 7 weeks

Bitcoin (BTC), the world’s flagship currency and most valuable cryptocurrency by market capitalization, has surpassed $10,000 level on Sunday. It reached as high as $10,200 before retreating lower, according to data retrieved from Coinmarketcap.

This is the first time BTC, in 7 weeks is crossing the strong resistance level of $10,000.

The price level of $10,000 is vital for the world’s flagship currency because that was roughly the price level of Bitcoin before the worst pandemic known to humanity struck, and almost cut the price of Bitcoin in two for some weeks

In addition, BTC has been recovering from the plunge that occurred in early March, thus surging pass $10,000 would mean that it’s made a full recovery.

Popular crypto trader Peter Brandt, meanwhile, expects the price of Bitcoin to hit a new record high and eventually make its way to $50,000. He said:

“That is actually where my head is. Massive symmetrical triangle in $BTC points to ATHs, then $50k.”

Consequently, the other area of growth that occurred over the same period was addresses holding between 1-10 BTC. This bracket also continued to reach new all-time highs in Q2, 2020 which now stands at 667k addresses.

Growth has not been limited to smaller balance addresses. The number of addresses that hold more than 1k BTC has grown 3% since the end of April.

While it is possible that exchanges dispersing BTC supply across new wallets might affect this total wallet count, it might also be that an increase in the number of addresses holding >1k BTC balances is simply reflective of increased accumulation by whale investors.


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