- Yesterday, bitcoin finally hit the $10,000 mark.
- Currently trading just over the $9500 mark, bitcoin is performing relatively well on the day.
Yesterday, bitcoin finally hit the $10,000 mark. Even though this was a price range that was only short lived, it was an impressive one nevertheless. Currently trading just over the $9500 mark, bitcoin is performing relatively well on the day even if it did sink below the $10,000 keep resistance level in the last 24 hours.
The world is going through a strange time right now. The COVID-19 pandemic is still going in full force and protests/riots are going on all over the United States as well as all corners of the world.
Whether this had a knock-on effect on the price of bitcoin is on known but it could have been a contributing factor.
In terms of the technical factors though, there have been several experts who have pointed out a number of reasons as to what drove the price margin. Taking to Twitter earlier this week, the developer of bitcoin, Jimmy Song gave his opinion that even though the $10,000 mark may seem a bit high, it will look significantly cheap in the future.
You can see his tweet below:
And #Bitcoin is over $10k again. Like every other era, this will look very cheap eventually.— Jimmy Song (송재준) (@jimmysong) June 1, 2020
Over the past few weeks, there have been several big institutions who are getting onboard the bitcoin train. This includes Grayscale and Fidelity who have been holding up in the asset.