Bitcoin Price Surges Above $10,000 Extending Its Market Dominance to Over 70%

UTC | Updated
by Bhushan Akolkar · 2 min read
Photo: Shutterstock
Photo: Shutterstock

In a relief rally for the investors, Bitcoin price jumped 6% to move above $10,000 levels. With today’s move Bitcoin alone contributes to 70% of the overall cryptocurrency market cap.

The Bitcoin price is finally back above its crucial support of $10,000 levels giving its investors a sigh-of-relief. Last week, Bitcoin crashed below $9500 making investors jittery about its future. After staying below the $10K mark for a few days, Bitcoin is back in momentum with a strong recovery.

At press time, Bitcoin is trading at a price $10,353 with 6% surge in the last 24 hours. With this recovery, Bitcoin has added $10 billion to its market cap taking it above $185 billion. Moreover, Bitcoin attains another milestone for 2019 as the cryptocurrency now dominates 70% of the overall cryptocurrency market cap.

Yesterday, CoinSpeaker reported that as per Bitcoin bull Max Keiser, this is the most opportune time to buy Bitcoin. Keiser expects Bitcoin price to touch $28,000 though he doesn’t explicitly mention the time frame when! Keiser bets on a strong hashrate for Bitcoin network to pull the price of the cryptocurrency higher.

What Experts Are Saying About Bitcoin Price

With today’s recovery, analysts have again chipped-in with their optimistic assumptions. Popular crypto analyst Josh Rage cites strong market dominance for Bitcoin that could lead to a strong price surge.

Another Bitcoin expert Peter Brandt said that Bitcoin is the only cryptocurrency with long-term potential. He even goes to calling the altcoin as “junkies”.

However, on the other hand, severe Bitcoin critic Peter Schaff thinks that this pull-back is just a knee-jerk reaction to the worsening U.S.-China trade relations. Thus, he goes to reiterate his previous stand that Bitcoin has no intrinsic value.

Responding to Schiff, Anthony Pompliano of Morgan Creek Digital thanks him for educating and creating awareness about Bitcoin.

Over the last three months, Bitcoin price is quite stable around $10,000 levels and everyone is eyeing for a powerful rally as seen in April and May 2019. This month of September can be crucial for Bitcoin price as Bakkt is all set to launch its physically-settled Bitcoin futures contracts on 23rd September 2019.

After a year-long tough battle with the regulators, Bakkt is finally gearing up for the launch of its Bitcoin Futures after securing an approval last month from the CFTC. The Bakkt platform aims to boost institutional adoption for Bitcoin by offering different products and services.

Besides, the platform is also working towards getting crypto use in the mainstream or daily spendings.

Bitcoin News, Business News, Cryptocurrency news, Investors News, News
Bhushan Akolkar
Author: Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Share this article
Related Articles