Bitcoin Rallies Above USD 10K, Takes Bigger Share Of Crypto Market

Market

Author

Linas Kmieliauskas

Author

Linas Kmieliauskas

Author Profile

Share

Copied

Last updated: 

October 23, 2023

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

After trading below USD 10,000 for almost a week, the most popular cryptocurrency, bitcoin has returned above this level one more time. While the absolute majority of other coins are also in green, bitcoin’s dominance increased.

Source: iStock/in-future

At pixel time (03:58 UTC), bitcoin trades at c. 10,423 and is up by more than 6.4% in the past 24 hours and by almost 2% in the past week. However, it’s still down 3% in the past month.

Bitcoin price chart:

Source: coinpaprika.com

Other coins from the top 10 by market capitalization are registering smaller gains of 2%-6%.

Bitcoin and bitcoin sv are the only two coins from the top 10 that are in green in the past week.

In the past 24 hours, the total market capitalization jumped by more than 5%, to USD 269.6 billion. Meanwhile, bitcoin’s dominance, or the percentage of the total market capitalization, surpassed 69% again.

Among the top 100 coins by market capitalization, four tokens registered double-digit gains (DRG, XET, OSC, THX), having increased by 10%-17%.

As reported yesterday, chart analysts seem to be turning increasingly bullish on bitcoin, as several different approaches all suggested higher bitcoin prices may be right around the corner.

Reactions:

That’s exactly why it’s happening

— moscowchill (@moscowchill) September 3, 2019

Sound approaches to buy $BTC for long term holders

1) Divide capital into tranches, buy during panics.

2) DCA.

3) Have a view. View 9000 breaks => long 8500-7200 range. View 9000 holds => long anywhere under 11300.

Opinion, not advice.

— Alex Krüger (@krugermacro) September 2, 2019

Actually LTC and ETH have far more going for them than the rest of the junk pile. 99% of other cryptos will be forgotten five years from now.

— Peter Brandt (@PeterLBrandt) September 2, 2019

Investors are speculating that #Bitcoin will become a "safe haven" (reserve asset) in the future because of its superior monetary attributes (to gold and the dollar).

Nothing can go from zero to being the world's monetary base without speculation.

— Vijay Boyapati 🦢 (@real_vijay) September 3, 2019