Bitcoin Price Hits $9700 in 2020 While Bitcoin Network Surpasses 500 Million Transactions

UTC by Daria Rud · 3 min read
Bitcoin Price Hits $9700 in 2020 While Bitcoin Network Surpasses 500 Million Transactions
Photo: Pxfuel

The last time Bitcoin was this high was in October 2019. Now, marking a new high of $9,700 for 2020, Bitcoin has provoked hot discussions about possible $10,000 in the nearest future.

In terms of highly volatile conditions, Bitcoin price has surprised with a new record. Bitcoin has hit $9700, marking a new high for 2020 and leading to hot discussions about possible $10,000.

On February 3, Bitcoin reached just over $9,500. The next day, it traded slightly below $9,200 and closed at $9,171. On February 5, the price started a steady growth. Within 24 hours, Bitcoin reached upwards of $9,750 and shattered the critical resistance at $9,400.

Notably, the last time Bitcoin was this high was in October 2019. Currently, the price bounced back to $9,618 per BTC.

By the way, other cryptos are also enjoying a bullish mood. Bitcoin Cash is up about 14%, and Bitcoin SV has increased by 13%. Ethereum has gained about 8.5%, trading at $208. In general, all the top 20 cryptos are in the green. The entire market cap has increased by more than $13 billion, and it currently stands at about $271 billion.

Bitcoin bull run started at the very beginning of 2020. In January, we reported Bitcoin price hit $8,300. Some believe that the growth will continue, while others think that the price movements may reverse as well.

As the recent Bitcoin price rally has restored the confidence among its investors, most analysts bet on new records the top crypto will see this year. For example, Thomas Lee, the founder of Fundstrat Global Advisors is extremely bullish on the upcoming price surge in Bitcoin. He expects that if Bitcoin crosses the crucial levels of $10000, it will shoot to the moon and surge at least 200-400%.

Some went even further in their predictions. Popular crypto Twitter user ‘Galaxy’ notes that Bitcoin can hit an all-time high of $62,000 in just four months from now, which is incredible.

Dmitriy Gurkovskiy, a senior analyst at foreign exchange broker RoboForex, believes the upside target may be at $17,000. As a result of this potential growth, the same situation will take place in the entire cryptocurrency market.

Bitcoin Network Confirmed Half a Billion Transactions

The announcement that Bitcoin hits $9700 is not the only positive news in the crypto market. It got about that the Bitcoin network has surpassed 500 million transactions since going live over 11 years ago. The first-ever Bitcoin transaction took place on January 12, 2009. On October 5 of that year, the New Liberty Standard set an initial Bitcoin exchange rate against the dollar. At the time, $1 was worth 2300.03 BTC.

Over 11 years, so much has changed. Now Bitcoin is leading the crypto market, dominating and determining the performance of other coins, and half a billion transactions is a great milestone for the network.

Altcoin News, Bitcoin News, Blockchain News, Cryptocurrency news, News
Daria Rud
Author Daria Rud

Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.

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