Bitcoin Price Surges Beyond Expectations- Hits 10,000 USD in 2020

2020 has been a great start for Bitcoins as the popular cryptocurrency topped $10,000 on Sunday which is the very first time since September. The price rose by around 2.6% reaching $10,179, capping a profit of around 40% till now this year. In December 2017, the price had risen by 1400% reaching at around $20,000. However, it plunged by 74% the next year, before rebounding to almost 100% in 2019.

Until now in 2020, Ripple has made around 6.17% profit, which is up by 49%, Bitcoin cash has made 9.53%  which is up by 121% and lastly, Litecoin managed by 6.90%  which is up by 88%. Since the market capitalization of Bitcoin is less than $200 billion, analysts are of the opinion that Bitcoin could rise dramatically if it can implement even a tiny fraction of the world’s $200 trillion business in the traditional financial market.

In fact, till now, more than 120 crypto funds have already been launched, which include the funds by some of the Wall Street veterans. The world’s largest futures exchange, named CME, is also planning to launch its own Bitcoin futures in the second week of December. This move is expected to establish Bitcoin as a legitimate asset.

As per reports, Bitcoin had hovered above the $9,800 level for almost the entire day on February 9, but finally broke through around 8:30 p.m. ET. After that brief stutter, Bitcoin again rose high, this time hitting to $10,358.31 by around 10:39 p.m. ET. This has been the first time in 7 years since the launch of Bitcoins, which was then only 6 % and less than $1,000 at the beginning of this year. This massive hike in the price of Bitcoins is a ray of hope for the investors who have begun to hope that the worst phase has passed for the world’s most popular cryptocurrency. This latest rebound is a sign that the Bitcoin market is gradually maturing. Crypto analysts are suggesting to invest in Bitcoin. Bitcoin Trader is one of the automated trading platforms which can help you to earn a huge amount of profit from Bitcoin. Click here to know more about earning profit from Bitcoin.

Though the fear of Coronavirus outbreak prevails which is likely to dent the global growth, the leading digital asset has been continuing its equities rally since September last year. Some analysts believe that Bitcoin’s rise in the price index was partially due to the equities rally that has seen the S&P 500 Index reach great highs. According to a senior market analyst,

The rally is a part of a broader appeal for risky assets as optimism grows that the coronavirus impact might be limited to the first quarter and on optimism that China will play nice with the U.S. on phase-two trade talks.

The ongoing geopolitical concerns have undoubtedly affected cryptocurrencies all over the world but the crypto enthusiasts, especially the Bitcoin enthusiasts are expecting further price rise of Bitcoin. Looking at the halving trends of Bitcoins, Michael Sonnenshein, the managing director at Grayscale Investments, said in a statement,

There’s certainly a narrative in the investment community that Bitcoin is solidifying its place as a store of value, a flight to safety, inflation hedge. If history is any guide, the upcoming halving, which is set to happen in May, could also have an impact on the token’s price.

Veronica Maki

Veronica Maki is FinancePlush's news editor. She always help junior writers with her recommendations of what you should be writing and what to post. She also writes in-depth news articles on recent events of finance and banking industry.

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