Bitcoin (BTC) soars to a 4-month high, breaking the $10K mark

At this time last year, Bitcoin was in a fierce rally, and the situation seemed to flatten out in the same way in 2020. For those who have invested in the world’s largest Bitcoin, this development will be a huge driving force for cryptocurrency, with BTC reaching its highest level since October on February 9.

Token back to the top 10,000 USD level, And whether a similar rebound like last year remains to be seen. It should be noted that $10,000 is a level that is considered psychologically important for traders and investors.

Key driving force

As early as 2019, the rally triggered expectations that cryptocurrencies reached record highs, but they did not succeed in the end. According to the price trend information on Bitstamp, the price of Bitcoin has soared since Sunday, and it has risen by more than 4% so far. The recent rebound has also increased the total revenue recorded by BTC this year by 40%, and today’s traders and market observers are likely to focus on cryptocurrencies.

The recent rise of BTC comes at a time when optimism has reappeared in the market. Over the weekend, people have made it clear that growth will not be affected due to the coronavirus panic in China.According to a Market analyst, The market has now attracted higher-risk assets in the middle of this broad rally, which may explain the optimism towards BTC.

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On the other hand, there is another school that believes that cryptocurrencies like Bitcoin are now considered Safe-haven assets And may be bought by investors in the chaos of the market. Experts believe that slowly but surely, Bitcoin may be seen as a “store of value” that many people consider.

Featured image: DepositPhotos©merznatalia

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