Bitcoin Breaks Through and Regains Its Uptrend Crossing the $10,000 Mark

After Bitcoin’s production halved in May this year, the market was optimistic about the future trend, but the trend in the past two months has been like a point. It has been hovering at the level of 9,000 dollars, and the trend is, even more, lagging behind the traditional asset market. But in the past 7 days, it finally started again, and today it broke the $10,000 mark and got rid of the cowhide pattern in recent months.

In response to the raging COVID-19 epidemic, many central banks around the world have repeatedly “released water” to ensure market stability and save the weak economy. Traditional asset markets such as the stock market and the gold market have benefited from the quantitative easing policy, and investors are all enthusiastic about it. However, the cryptocurrency market has not been able to take advantage of the trend. Although its performance has not fallen in recent months, it has only been able to fall at the level of $9,000.

However, the cryptocurrency market suddenly broke upwards early this morning, and according to CoinMarketCap data, it rose to a maximum of $10354.82 US Dollars. As of 10:45 in the evening, Bitcoin rose 4.4% to $10335.58 US Dollars, and the past 24 hours of trading volume was $25.05 billion US dollars.

Li Haiting, chief executive of C-Trade, a cryptocurrency trading platform, pointed out that since the halving of production in May, Bitcoin is expected to return to above $10,000, and the market was also at the level of about $9,000 earlier, accumulating a lot of upward momentum. “The cryptocurrency market has underperformed the traditional asset market in the past three months, so this breakthrough has been long-awaited, but it is also within expectations.” He also said that the volatility of cryptocurrency decreased significantly last year, which is favorable for related derivatives. With the development of products such as futures, the market has gradually matured and appears to be quite healthy.

As for other cryptocurrencies, they have also recorded significant increases. Ethereum has benefited from the rise of decentralized finance (DeFi) for nearly half a year. Many DeFi cryptocurrencies that have attracted much attention from the market, such as Compound, are all developed using Ethereum to stimulate The market demand for Ether. Ether once rose to a 1-year high today at US$327.77, and at US$321.12 before the deadline, an increase of nearly 4%.