Bitcoin has exceeded the $ 10,000 threshold for the first time in 2020

For the first time this year, Bitcoin has exceeded the $ 10,000 threshold, reaching $ 10,165 according to CoinMarketCap. The last time cryptocurrency reached this level was October 26, 2019.

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1 Higher earnings for altcoins

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With the increase over $ 10,000, the cryptocurrency’s annual earnings increased to 41%, and its market capitalization increased to $ 183 billion. That’s a difference of over $ 3,500 compared to the minimum value of $ 6,425 recorded in mid-December.

Bitcoin started the year under $ 7,000 and has been growing steadily ever since. Many analysts point out that this is a standard evolution for a bull market.

Raising over $ 10,000 is accompanied by an improvement in the fundamentals of the chain and seems sustainable.

“This growth is real and sustainable. Fundamental investment activity supports this value of over $ 10,000 ”,

said analyst Willy Woo, a partner at Adaptive Capital on Twitter.

This breakout is the real deal. Fundamental investment activity is backing this $ 10k breakout. pic.twitter.com/IDWmhXX2Mj

– Willy Woo (@woonomic) February 9, 2020

Consumer interest is also growing. The terms “Bitcoin” and “Cryptocurrency” have increased in popularity on Google Trends. In addition, the overall trading volume for Bitcoin is increasing on most major exchanges.

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Adding to the positive indicators is the fact that many potential investors have been waiting on the sidelines since the start of the crypto winter two years ago. The fact that Bitcoin has exceeded the $ 10,000 threshold is a significant psychological point that will undoubtedly attract attention among investors.

Higher earnings for altcoins

Most of the top cryptocurrencies have grown much larger than Bitcoin. This led to a decline in BTC market dominance to 64%, the lowest level in seven months.

ETH, for example, is currently trading at $ 225, an annual gain of 78 percent. Other cryptocurrencies such as Litecoin, EOS and BNB are up 70 to 90 percent. Bitcoin Cash and Bitcoin SV added 120 percent, respectively 250 percent, according to CoinMarketCap.