The big headline this morning is Bitcoin heading firmly toward $10,000, which many analysts believe will trigger some inherent elasticity, pushing the price even higher.
As that “big round number” benchmark nears (as Mattie Greenspan put it earlier in the week,) Bitcoin is subject to what he and others call FOMO or “fear of missing out” where organic trading activity continues to spike something – in this case, the value of the biggest cryptocurrency on the market.
“Previously, commentators had begun forecasting a break to $10,000 would spark considerable demand among prospective buyers, who would then push the bitcoin price higher,” writes William Suberg at Cointelegraph this morning.
However, Bitcoin is not the only member of this current cryptocurrency rally.
Ethereum (ETH) is up 5%, and Ripple (XRP) is up 1% today, but another related coin, Ethereum Classic (ETC) is up over 6%.
With three price variations in the last trading cycle, Ethereum Classic first sunk before rising back up to a figure that oldsters might call “middlin’.”
“The first major fall happened between 03:00 UTC and 20:00 UTC,” writes Mehak Punjabi at CryptoNewsZ. “The coin lost 2.42% of its value in this period. Then the coin grew by 2.73% over 1 hour and 17 minutes. There was another growth term of 3 hours and 34 minutes when the coin gained 2.80%. All there variations are below 3 percentage points. The medium-term outlook is likely to become bullish for ETC. The price, by the end of this year, may get as high as 20 USD.”
In addition, Monero seems to look like a good thing, with 8% gains to reach a value of over $100 and Binance coin is also seing big gains to an all-time high value over $37.
Here’s another big round number reported by Cointelegraph today: the total cryptocurrency market cap is approaching $300 billion, highs that we haven’t seen since last summer.
However, Bitcoin represents the majority of that volume, and it’s Bitcoin that most traders have their eyes on now.
There’s a widespread consensus that as we break the $10,000 mark, Bitcoin could go much, much higher.
We have only to look at the past rallies to see how high that could be, but some analysts are even calling for double the prior $20,000 crown.
Investors beware, though – the market is always volatile.
