Bitcoin Price Hits $10,000 for the First Time in 2020 — Up 40% YTD

Bitcoin (BTC) briefly hit $10,000 on Feb. 8, capping a momentous first month of 2020 to reach its highest level since October last year.

BTC seals $10K after three months

Data from Coin360 and Cointelegraph Markets showed BTC/USD finally reclaiming five figures after a nearly four-month absence.

During that time, the pair traded as low as $6,400 before an abrupt bullish turnaround saw January alone deliver gains of 35%.

The move to the symbolic $10,000 level was preceded by Bitcoin futures markets, which briefly entered the zone on Feb. 6.

Traders had been primed to expect a strong directional move, with Cointelegraph Markets analyst filbfilb identifying $9,550 as likely support.

Fellow analyst Mati Greenspan added:

“This isn't the first time bitcoin has been valued above $10,000 and it might not be the last, but it is the first time that the valuation is justifiable based on fundamentals of the network.”

Altcoins mixed after previous gains

Currently, the overall cryptocurrency market cap now stands at $283.4 billion, with Bitcoin’s dominance rate is 63.7%. A handful of major altcoins mirrored Bitcoin’s success, with Ether (ETH) rising 2.27% to pass $225, EOS rallying 6.08% and Bitcoin SV (BSV) reaching $340 on the back of a 15.49% daily gain.

Earlier in the week, many tokens repeatedly put in a solid performance for investors, with daily gains for some topping 25%.