The Price of Leading Cryptocurrency Finally Broke $11k Resistance Level
On Oct 10, 2020
he price of Bitcoin finally broke the long-awaited $ 11,000 resistance level! The leading cryptocurrency’s price has finally skyrocketed following the announcement of Twitter CEO Jack Dorsey. On Thursday, his digital payments company Square invested heavily in Bitcoin. Shortly after the publication, Bitcoin’s price started showing an uptrend. Right now, the leading cryptocurrency is at its highest price since the beginning of September. In the last 24 hours, the Bitcoin value has increased by 2.5 percent. Its sudden rise is pushing the market upwards as well. Analysts and investors took this news as a sign that companies are starting to store massive amounts of BTC. They hold Bitcoin as reserve assets. According to the opinion of leading analysts, a serious rally is expecting for BTC.
Current Market Situation
The rising performance of other cryptocurrencies in recent hours has not gone unnoticed. Ethereum (ETH) is currently traded at around $ 375. The second-largest virtual currency has a market capitalization of $ 42 billion. In the last 24 hours, the leading altcoin has moved by almost 4%.
Just a few days ago, the leading cryptocurrency was performing well below altcoins. The strength, significant, and recent rise of the leading cryptocurrency was the result of the decision of Square Incorporation to buy Bitcoin. Analysts on Twitter indicate that this is a sign that Bitcoin may outperform altcoins for a while. Now the main question is whether it can exceed $ 12,000, which it often faces with high resistance. The next place of all market trends will depend on Bitcoin’s reaction to this level.
“BITCOIN WAKING UP AND REMINDING EVERYONE WHY IT IS KING”
Could Bitcoin Break $12,000?
According to data provided by CoinMarketCap, Bitcoin is currently traded at around $ 11,307. The leading currency has a market value of $ 209 billion. Next, it is critical that the Bitcoin stays above $ 11,000 and does not experience a decline. If this level continues to increase, there will be no obstacles for 12,000 and above.
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