- Bitcoin (BTC) recorded a yearly high of $9,700 USD, representing a 36.6% increase this year.
- The spike in BTC’s price is causing an upheaval in the market as top altcoins trade in the green.
- Is a $300 billion total market capitalization on the horizon?
It has been one of the best start of the year so far for Bitcoin (BTC) –in fact this is the best start of the year since 2015. The top digital coin started the year trading in the $7,100 USD support level and has since grown over 35% to $9,695 USD, as at time of writing, threatening a breach above $10,000 USD in the coming weeks.
However, it is the altcoin market that has captured the bulls attention as the top altcoins outpaced Bitcoin, which saw its dominance drop to the lowest point so far in 2020.
Bitcoin (BTC) hits 2020 ATH at $9,780 USD
After a blistering start to 2020, Bitcoin (BTC) has once again hit a yearly high – this time crossing the $9,700 USD resistance mark – as the bulls set their targets at $10,000 USD in the coming weeks. Could this be the last opportunity to buy Bitcoin under $10K price?
#Bitcoin is making new 2020 highs…just fyi
— Altcoin Daily (@AltcoinDailyio) February 5, 2020
Well, the price still dances around a key resistance area $9,800 USD, which if breached may set the bulls on a free run to 2019 highs recorded at $13,800 USD. Failure to break the resistance may however spell doom for the bulls as price may pull back to the $9,500 USD region.
The slight pull back to $9,680 USD, as at time of writing, however does not look at all bearish as bulls gather strength as indicated by the RSI which breaks into the overbought level with a bullish trajectory.
A possible $300 billion USD market in the coming days?
As Bitcoin grows so does the market. And with the recent BTC boost past $9,700 USD has yet seen the top altcoins follow through such as ETH, XRP, BCH and BSV which gained 7%, 3%, 13% and 9% respectively over the past 24 hours.
With the market having crossed a total market capitalization of $270 billion USD, could the bullish market movements see the market soar even higher? Is $300 billion a possibility?
Total market capitalization is giving a pretty clear view.
Where $BTC is breaking a major resistance now, the total market capitalization did that earlier and flipped it support.
It's facing the next resistance here.
Break -> $300 billion. pic.twitter.com/hTizgfqkzn
— Crypto Michaël (@CryptoMichNL) February 5, 2020