Will $10,000 Be Bitcoin's Next Stopping Point?
The new decade seems to have provided a great start for Bitcoin and even altcoins. While 2019 wasn't a bad year for Bitcoin, with a yearly high of $13,000, most altcoins stagnated and couldn't compete with Bitcoin's growth. It seems that January 2020 is rounding up to be a great year for Bitcoin and altcoins as well.
Bitcoin's Big January
Bitcoin (BTC) started the month trading at $7228, nearly double its rates of $3800 in January 2019. Earlier today Bitcoin managed to break the $9000 resistance mark and is currently trading at $9133. This price increase from the 1st of January to Bitcoin's current price is essentially a 25% price increase.
Seeing that Bitcoin has broken the $9100 mark and it seems to be continuing its rally, the next target should be $9500. If Bitcoin manages to reach $9500, it could start testing upwards resistance of near $10,000. Should Bitcoin break $10,000 we could be entering a bull run and price predictions would be anyone's guess.
Altcoins have also surged in January. The most notable price increases are BitcoinSV and Bitcoin Cash. Bitcoin SV managed to break its all-time-high and climb into the top 5 cryptocurrencies. It's price went from $95 to $265 in less than 2 weeks. Bitcoin SV's massive rise has raised some speculation.
Bitcoin Cash also had a great January so far. It managed to rise from $210 to $350 where it is trading currently. It has also grown its market cap by quite a bit, and should it continue to perform, BCH could lock horns with XRP for the title of 3rd most popular cryptocurrency.
Ethereum & XRP have also grown, but not as strongly as Bitcoin Cash & Bitcoin SV. XRP went from $0.18 to $0.24 and Ethereum has risen in value from $132 to $176 where it is trading currently.
It seems that Bitcoin is rallying, and altcoins are following that rally. Some have even outperformed Bitcoin (BTC) in the short term. It seems that 2020 has not just heralded a possible Bitcoin bull run but also the much anticipated altseason.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado