Bitcoin has surged past the $10,000 mark in the last 24 hours, widening its dominance gap in the cryptocurrency market. At the time of writing, Bitcoin dominates 69.6%, and its price stands at $10,394, with a total market capitalization of $186.2 billion.
Before the surge took place, most market analysts had anticipated that the leading cryptocurrency would fall below the $9,000 mark had it gone below the $9,300 support level.
“Odds are you’re likely free rolling a short with a tight stop here. If $9300 breaks on this run volume is anemic, and selling will most likely accelerate us down to $8400. Could even wick to $8000, but I’d start scaling in long anything close to $8400,” said Flood, a popular crypto analyst on twitter.
The increase in Bitcoin price and volume affected most altcoins. Apart from Ethereum and Bitcoin cash that recorded small gains of between 4 and 6 percent, other crypto prices recorded a drop of up to 50% against the US dollar.
It is important to note that the following one year has some factors that may see Bitcoin hitting all-time highs as well as affecting other crypto prices. One of the much-anticipated events is the launch of the Bakkt platform, which promises to offer contract futures for Bitcoin. Additionally, the BTC halving, which will occur in 2020, is also expected to give Bitcoin more energy to move upwards. Most miners plan to hold their BTC with the expectations of price increases.
Trading at position two according to Coinmarketcap, Ethereum has a market cap of $19.21 billion and a value of $178.60, which represents a 4.02% increase over the past 24 hours.
Faced with controversies in July and August, XRP ranks at number three with a total market cap of $11.23 billion with a value of $0.261372.
BCH currently trades at $296.86 after forming its support level at $280 and breaking past the $290 resistance level. Currently, the $290 level acts as its support level, and if BCH manages to go past the $300 mark, we should expect more gains. It has a total market capitalization of $5.34 billion and a 24-hour trading volume of $1.38 billion.
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