Bitcoin recent rise in the market has continued with the coin set to reach another milestone this weekend if the market trend continues. Not surprisingly, the digital currency struck its mark on June 22, at 1:32 UTC. This may well be the highpoint of another bull run.
The $10,000 mark is an important resistant level considering the recent rally. On Thursday night the cryptocurrency approached that significant point in its upswing exceeding $9,800.
Before this update, the price of BTC hovered around $9,855, which reflects an appreciation of 6.14% in the last 24 hours. Approaching $10,000, Bitcoin’s price is on track to exceed another important milestone.
The coin achieved its all time high of $19,496 on December 17, 2017 and by exceeding the $10,000 mark today, it has bridged the midpoint of its historic rise.
The first time that Bitcoin passed the $10,000 was at the end of November 2017, on the ascent to its all-time-high, which it accomplished a month and a half later.
Bitcoin, like most digital currencies follow repetitive patterns and there is little doubt that the coin is poised to repeat the feat of 2017.
A temporary recovery, at the beginning of May 2018, brought BTC to an interim high of USD 9,843, which means that after 13 and a half months of fall and subsequent recovery, BTC is again in the vicinity of $10,000.
The total capitalization of the cryptocurrency market managed to hit USD 303 billion, a value that was not reached since June 11, 2018
Bitcoin and the cryptocurrency market returned to the values they had just over a year ago, with this new trend.
There is, however, a notable difference in the increase compared to their respective historical maximums. BTC exceeded 50% of its maximum performance, while the market is at 38% of its historical maximum in terms of capitalization, USD 796 billion, reached on January 6, 2018.
Presently, Bitcoin is trading at $10,899 and is poised to replicate the spike of 2017. This is especially so considering that institutional investors are yet to get involved in the coin market.