Crypto Investors Rejoice As Bitcoin Price Surges Above $10,000

[Mime]

The overall cryptocurrency market is surging northwards as Bitcoin and a majority of the altcoins are trading in green today. The world’s strongest cryptocurrency is showing strength at this stage jumping by more than 5% in the last 24 hours.

At press time, BTC is trading at $10,310 levels with a market cap of $190 billion. As per the WorldCoinIndex data, the 24-hour daily trading volumes have also crossed $7 billion at the time of writing this article.

This is for the third time in 2020 that Bitcoin has managed to cross the $10,000 mark. However, every time it did so, the BTC price has seen a major pullback from those levels going back close to $9,000 levels.

If we see the last week’s chart, Bitcoin has surged over 12% in the last one week to move above $10,000. However, the world’s largest cryptocurrency is seeing a major resistance of $10,500 and it has failed twice in 2020 to breach it.

If Bitcoin manages to breach it this time, we can see it setting up a new support here and start a bull run from there onwards. While Bitcoin has been said to be a ‘digital gold’ and a safe-haven against the stock markets, it hasn’t turned out that way.

In fact, the BTC price has been moving in line with the stock markets for this year. During the stock market crash of March 2020, the Bitcoin price crashed below $5000 levels, a whopping 50% fall from its mid-February high of over $10,000.

Bitcoin has managed to recover its losses since then. At the present levels, Bitcoin is trading at nearly 40% premium year-to-date.

On the other hand, the world’s second-largest cryptocurrency and Bitcoin competitor Ethereum (ETH) has also managed to show strength over the last week. In the last week, Ethereum (ETH) price surged more than 25% to cross above its crucial milestone of $300 over the weekend.

At press time, ETH price has surged 4.82% in the last 24 hours and is trading at $326 with a market cap of $36.15 billion. The sudden surge in the ETH price after the network’s daily transaction volumes reached its all-time-high last week.

The latest price surge amidst a significant surge in the DeFi activity on the Ethereum blockchain. Decentralized Finance (DeFI) contribute to a majority of the daily trading volumes on the platform as on date.

Ethereum developers have accelerated their work for the ETH 2.0 release which provides massive scalability boost over the existing network. While the existing Ethereum network can process only 15 transactions per second, the ETH 2.0 will hold the capacity to process 1000s of transactions per second.

The Ethereum 2.0 testnet launch is expected to happen next week on August 4.

Source: https://www.worldcoinindex.com/news/crypto-investors-rejoice-as-bitcoin-price-surges-above-10-000-and-ethereum-above-300

[KaratX]

What's there to rejoice about? What about those who invested when Bitcoin was at 19000$ in 2017? It's not time to start rejoicing yet, right now we need better an stronger market support, DeFi success I believe is at work here, new money flow into crypto through DeFi, I'm hoping more will come

[Iyanu14]

What's there to rejoice about? What about those who invested when Bitcoin was at 19000$ in 2017? It's not time to start rejoicing yet, right now we need better an stronger market support, DeFi success I believe is at work here, new money flow into crypto through DeFi, I'm hoping more will come

Well that is life for you friend, everybody cannot rejoice at the same time.  At least it's something to rejoice for those that invested when BTC was $3700 or thereabout.  Yes, we also hope for improved market so that others can also rejoice but we could only hope for bull run

[bhadz]

What's there to rejoice about? What about those who invested when Bitcoin was at 19000$ in 2017? It's not time to start rejoicing yet, right now we need better an stronger market support, DeFi success I believe is at work here, new money flow into crypto through DeFi, I'm hoping more will come

Good point but that's a special case. At least for them, if they haven't sold during the bear markets, they have recovered a lot from that crash. Although in reality, there's still halfway of their money to hold until the price of bitcoin goes back to that price where they bought. But there's no need to cut the fun, everybody is having fun as we have breached the $10,000 again. I guess you could spare them for a moment and just enjoy the time that we're having.

[poornamelessme]

What's there to rejoice about? What about those who invested when Bitcoin was at 19000$ in 2017? It's not time to start rejoicing yet, right now we need better an stronger market support, DeFi success I believe is at work here, new money flow into crypto through DeFi, I'm hoping more will come

Good point but that's a special case. At least for them, if they haven't sold during the bear markets, they have recovered a lot from that crash. Although in reality, there's still halfway of their money to hold until the price of bitcoin goes back to that price where they bought. But there's no need to cut the fun, everybody is having fun as we have breached the $10,000 again. I guess you could spare them for a moment and just enjoy the time that we're having.

Sometimes I feel like I'm living in an alternate reality -- where I can see BTC doing these 'out of the blue' mini-pumps basically puts the brake on the entire altcoin market, but others somehow overlook this and now go into rejoice mode because BTC made some baby steps upwards? Most alts turn to a sea of red and not just against BTC, but against fiat as well ... coins that were recovering some of their multi-year crushed prices get smushed back again... coins that were pumping instead crash back down to earth... trading becomes complexly boring once more, where altcoin trading is like trading on a platform of quicksand, can collapse at any time due to the whims of a sporadic BTC.

So not so sure what investors are rejoicing about exactly. BTC is still way below ATH numbers, most of the altcoin market is still a disaster, and coins that were taking small steps towards 'okay' numbers get stepped on again.

[smyslov]

What's there to rejoice about? What about those who invested when Bitcoin was at 19000$ in 2017? It's not time to start rejoicing yet, right now we need better an stronger market support, DeFi success I believe is at work here, new money flow into crypto through DeFi, I'm hoping more will come

They will also rejoice because Bitcoin is on it's way to another all time high and why are you not happy that Bitcoin is moving, this is what we all want for Bitcoin to reach the $10,000 because it's been a long time that it is stuck in the $8k to $9 k level the market support is now stronger than it was months ago because of the pandemic.

[bigcash2011]

There is no need to be rejoicing at the moment as btc has done this several times in recent months but the fact is that there are very tough resistances on the way up. First being the 11k mark if btc breaks it then 14k will be even tougher. We can start to rejoice one btc breaks its longterm resistance of around 20k with good momentum only then we can be sure that we have entered the next bull market cycle that will last for many months.

[bassbity]

What's there to rejoice about? What about those who invested when Bitcoin was at 19000$ in 2017? It's not time to start rejoicing yet, right now we need better an stronger market support, DeFi success I believe is at work here, new money flow into crypto through DeFi, I'm hoping more will come

They will also rejoice because Bitcoin is on it's way to another all time high and why are you not happy that Bitcoin is moving, this is what we all want for Bitcoin to reach the $10,000 because it's been a long time that it is stuck in the $8k to $9 k level the market support is now stronger than it was months ago because of the pandemic.

Of course this will be joyful because bitcoin has redeemed the figure of $ 10,000 in some time, this is the wait of us in May with the bullrun happening even though it will be possible but still every year there must be a good move about the development of bitcoin.

[mr.smith]

There is no need to be rejoicing at the moment as btc has done this several times in recent months but the fact is that there are very tough resistances on the way up. First being the 11k mark if btc breaks it then 14k will be even tougher. We can start to rejoice one btc breaks its longterm resistance of around 20k with good momentum only then we can be sure that we have entered the next bull market cycle that will last for many months.

Well if you happen to invest when the price is at $8000 or even lower then you have a reason to rejoice just remember buddy for every price increased there are people who are going to rejoice and these are the people who bought when the price is at the ceiling or even a profit of 5% can be considered as something to rejoice, this is the beauty of the market in Cryptocurrency.

[pilosopotasyo]

There is no need to be rejoicing at the moment as btc has done this several times in recent months but the fact is that there are very tough resistances on the way up. First being the 11k mark if btc breaks it then 14k will be even tougher. We can start to rejoice one btc breaks its longterm resistance of around 20k with good momentum only then we can be sure that we have entered the next bull market cycle that will last for many months.

Well if you happen to invest when the price is at $8000 or even lower then you have a reason to rejoice just remember buddy for every price increased there are people who are going to rejoice and these are the people who bought when the price is at the ceiling or even a profit of 5% can be considered as something to rejoice, this is the beauty of the market in Cryptocurrency.

I'm rejoicing because I bought Bitcoin when it was at $8000 level and I also prove to my friend that investing in Bitcoin after the halving is right and profitable and I'm sure I'm not the only one rejoicing but so are the people who are involve in gambling promotion.

[shakesbear]

BTC showed all of us who is the main one in the market, alts of course fell very much, let's see how ETH will do.

[Coyster]

If Bitcoin manages to breach it this time, we can see it setting up a new support here and start a bull run from there onwards.

Well, it has, atm it's at 10,700+ and has breached the 10,500 mark, i think short term and 'halving investors' will be taking their profits into their pockets now, bitcoin and ethereum are doing well for the past two days now, but i'm a long term investor, so you can understand if i am not too excited. But that being said if we manage to reach ath again, i will prolly be selling some chunk of my coins.

While Bitcoin has been said to be a ‘digital gold’ and a safe-haven against the stock markets, it hasn’t turned out that way.

Is it not all of that, imo, bitcoin is a safe haven against inflation, and also a looming global recession, the stocks are doing quite well also, but not more than btc, as for it being 'digital gold', i think it well is that, but bitcoin is a better name .

[key4co.in]

Crypto market is amazing, just few days ago everyone was like "it's altcoin season", now in a twinkle of an eye, BTC crossed 10.5k major resistance and moon boys are saying buy BTC, with various price predictions. I'm just happy 60% of my entire portfolio is always in BTC, my altcoins are bleeding presently anyway.

[Smitty Werben Man Jensen]

What's there to rejoice about? What about those who invested when Bitcoin was at 19000$ in 2017? It's not time to start rejoicing yet, right now we need better an stronger market support, DeFi success I believe is at work here, new money flow into crypto through DeFi, I'm hoping more will come

Well that is life for you friend, everybody cannot rejoice at the same time.  At least it's something to rejoice for those that invested when BTC was $3700 or thereabout.  Yes, we also hope for improved market so that others can also rejoice but we could only hope for bull run

The bull seems to have arrived, we don't need to worry to go back to $ 3700, if you want to buy it there,
I also can't guarantee you will get a cheap price, buying it when it is corrected is a good way

[jacafbiz]

What's there to rejoice about? What about those who invested when Bitcoin was at 19000$ in 2017? It's not time to start rejoicing yet, right now we need better an stronger market support, DeFi success I believe is at work here, new money flow into crypto through DeFi, I'm hoping more will come

How many people bought Bitcoin at 19k, most people bought less than that price. What you do not understand is that Bitcoin going up is good for the whole market because it usually drag most of these ALtcoins along, it is a see-saw effect, when the pump stops Altcoins would regain their value in BTC

[Jating]

What's there to rejoice about? What about those who invested when Bitcoin was at 19000$ in 2017? It's not time to start rejoicing yet, right now we need better an stronger market support, DeFi success I believe is at work here, new money flow into crypto through DeFi, I'm hoping more will come

I will assume that those who have invested when the price is at all time high have exiting already in 2018 and accept the fact that they have been REKT. And I'm sure they've learned their lessons because we are already in the bubble that time and most of the are noobs, irrational buyers who think that the price will go on parabolic rise.

Price sits around $11,200 already, so it's normal for investors to rejoice somewhat as in the last 5 months, we have seen the price going as low as $3800 and calling that bitcoin is going to crashed. But look at how it quickly bounce.

But I do agree that DeFi really brought tons of money in the market, MakerDao alone becomes the first DeFi protocol to hit a astonishing $1 billion in total locked funds.

https://www.theblockcrypto.com/linked/72959/makerdao-becomes-first-defi-protocol-to-hit-1-billion-in-total-value-locked