Bitcoin has passed the $10,000 per coin mark again. This makes the first time it has done so in over two weeks following a big fall at the beginning of February.
The price of a Bitcoin has been steadily increasing since that point. However, keeping up with the price of Bitcoin right now is something of a full-time job.
Moreover, many individuals find that it has always been a very volatile currency to track. Especially, the rise and fall of its value over the past few months has been of great interest to many.
Bitcoin Price Crosses
Cryptocurrency is in the news the world over right now. With Bitcoin leading the way, the flagship cryptocurrency currently accounts for around 35 percent of the total value of all of the crypto coins out there.
Moreover, with a single coin having reached the all-time high of $19,000 just before the end of December, it’s easy to see why all eyes are on it. But still, it is difficult to know just why Bitcoin saw a fall in value a couple of weeks ago.
On the other hand, the London Block Exchange, a UK crypto exchange, believes that it may have something to do with the Lunar New Year according to a market update it published. Not everyone is on the cryptocurrency train though.
Multiple countries have banned or suggested bans. This happens with some banks that are taking steps to prevent their customers from using their credit cards to make purchases of digital currency.
Bitcoin Could Bring In New Buyers
In a sentiment-driven market like Bitcoin, key price levels such as $10,000 appear to attract new buyers and help the price.
The cryptocurrency had lost two-thirds of its value in a rapid plunge from a record high above $19,000 in mid-December to a low below $6,000 last week. But thanks to regulators’ statements that have alleviated fears of a heavy-handed crackdown.
Moreover, the coin has begun to recover and some analysts see the psychologically key level as a trigger for new buyers to come into the market.