Bitcoin Shakes Up Market With First-of-the-Year Rally, Leads to $10,000+ Bitcoin Trades for Binance Stablecoin Trading Pair
Bitcoin is having a good week. The major rally over the last few days has been providing hope to the entire community, suggesting that the horrendous bear market is ending after over a year of damage.
Within about an hour, Bitcoin saw its price go from less than $4,200 to over $5,000. For a brief moment, BTC managed to trade at over $10,000 for a moment, charging a customer over twice the current price they’d pay on Binance.
— ₿lackbeard (@crypto_blkbeard) April 2, 2019
The coin referenced, StableUSD, is a stablecoin that was developed by Stably, Inc. as a fiat-backed asset. Some traders remarked that the price spike that was seen on the platform could be a “glimpse into the future” of BTC, though others spent their time questioning what caused this price spite.
The last time Bitcoin saw a $10,000 price tag was on March 7th last year, but the rally did not stick. Bitcoin fell down to the $6,000 support level, which ultimately broke and the current price level has been relatively the range that BTC has remained in.
Based on the theories and research of analysts, Bitcoin may see the $20,000 mark again in March 2021, if they follow the pattern of the bear and bull cycles again. The prediction is based on the timing of the Bitcoin halving that is coming soon, which is an event that will cut the block reward for mining Bitcoin in half.
Analysts say that the price will rise just before the event, using up the whole supply of BTC that miners use for selling in the market.
At this current price, reaching $10,000 would be a 100% gain. The last time that Bitcoin saw a price above $5,000 was about two months before the highest price of its lifetime. Considering the way that sellers were aggressive during the bear market, reaching $20,000 soon is not that likely. However, the jump that Bitcoin is experiencing this week would have been unlikely too and look where the market is right now!
As of 1:49pm MST, Bitcoin is presently trading at $5,230.42, seeing an increase of almost 10% in the last 24 hours. Other coins are seeing major gains as faith in Bitcoin rises, like Bitcoin Cash (56%), Litecoin (30.9%), Dogecoin (30.4%), and even ReddCoin (28.92%), which is at #98 by market capitalization, based on CoinMarketCap’s data.