Cryptocurrencies Break $300 Billion as Bitcoin Eyes $10,000
Investing.com – Cryptocurrencies traded near a one-year high on Friday as their largest component, Bitcoin, continued an upward drive, sparking new speculation that it would soon hit $10,000 and beyond.
Cryptocurrencies traded higher, with the total coin market capitalization of $302.00 billion by 11:35 PM ET (15:35 GMT), compared to $292.99 billion a day earlier. Total market cap had not topped $300 billion since July 2018.
gained 4.5% to $9,801.5 on the Investing.com Index, extending weekly gains to 17.4%.
Even though markets were abuzz with a fixation on the $9,000 mark for Bitcoin just last week, a close above that level on Monday quickly spurred speculation of a further rally. Excluding a nearly $300 correction on Tuesday, the largest digital coin by market cap climbed every day since June 12 for a now 10-day run that has moved from $7,888 to nearly $9,900 at Friday’s intraday high.
The rapid rise has the crypto sector speculating of an imminent move higher to the next psychological level of $10,000.
Thomas Lee, co-founder of Fundstrat Global Advisors, went even further on Thursday to say that the $10,000-mark would be just a blip on the screen as Bitcoin extends the current rally even farther.
For context, Lee is a long-time crypto bull who told CNBC back in April when Bitcoin was closer to $5,000 that the “crypto winter” was over and the largest digital currency would likely reach new all-time highs by 2020.
Lee said that Bitcoin was different than other assets that needed a “new high” to confirm a break out.
He said $10,000 was “FOMO”, implying the level was when traders would undergo the “fear of missing out”, bringing a wave of buyers that would drive prices even higher.
Tyler Winkelvoss, co-founder and chief executive of cryptocurrency exchange Gemini and principal of Winkelvoss Capital, expressed a similar idea on Wednesday: “If you Bitcoin breaks $10,000, you can bet it’s going to break $15,000.”
In other cryptocurrency trading, jumped 5.6% to $284.73, up 11.4% on the week. rose 2.7% to $0.43805, rising 10.9% in the last seven days, while traded up 1.4% at $136.68, on track for weekly gains of 5.7%.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
View original post