Bitcoin Price Skyrockets 7% To New 2020 High

Bitcoin has marked yet another particularly turbulent day of trading, charting increases of up to 7% in the past 24 hours. This caused the cryptocurrency to spike to a new high for 2020, lining up the question if $10,000 is the next target.

Bitcoin Price Skyrockets 7% On The Day

If one thing is certain for 2020, it’s that there is no boring day in the cryptocurrency market. In the past 24 hours, Bitcoin’s price surged above the previous yearly high to reach prices that were last seen back in October 2019.

Bitcoin’s price reached upwards of $6,750 today, shattering the critical resistance at $9,400 on the way.

BTCUSD Chart
BTC/USD. Source: TradingView

As seen on the above chart, the last time the price was this high was back in October 2019. At the time of this writing, the price retraced back to about $9,660, which is still an increase of more than 5% on the day.

As Cryptopotato previously reported, Bitcoin had recently charted the mini Golden cross as the 50-day moving average crossed above the 100-days moving average. Amid this notable increase, the next target for Bitcoin might just as well be $10,000. However, it is also essential to see how the price performs at around $9,550 and whether or not this level manages to become a support.

Altcoins Surge As Well

It’s not just Bitcoin that went up today. The entire cryptocurrency market surged as well. Bitcoin’s dominance continues to fade as it’s currently at 64.5%. This means that altcoins are claiming new grounds.

Cryptocurrency_overview
Cryptocurrency Market Overview. Source: Coin360.com

The entire cryptocurrency market is painted green. Some of the most notable gainers include Bitcoin Cash, up almost 14%, and Bitcoin SV, up 13%. Ethereum is also marking serious gains of about 8.5% and is already trading above $200. In general, all the top 20 cryptocurrencies are trading in the positive.

The entire market capitalization increased by more than $13 billion today, and it currently stands at about $271 billion.

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Source: Crypto Potato