Bitcoin breaks through the $10,000 mark, opening a new starting point for the bull market?
Author | Qin Xiaofeng
Editor | Hao Fangzhou
Produced | Odaily
(picture from CoinTelegraph)
Author | Qin Xiaofeng
Editor | Hao Fangzhou
image description
(picture from CoinTelegraph)
According to the BitUniverse market, at 11:20 Beijing time today, Bitcoin broke through the $10,000 mark, reaching $10,100 at one point, an intraday increase of more than 2.5%. As of press time, the quotations from the three major exchanges were all above $10,000.
As the market has soared, the trading volume of cryptocurrencies has also increased recently.
Odaily found that the overall market transaction volume of Bitcoin and digital currency has hit new highs recently. On January 15, the total single-day trading volume of the cryptocurrency market hit a new high again, reaching US$166 billion; on the same day, the daily trading volume of Bitcoin hit a record high, reaching US$46 billion. In addition, the average daily trading volume of the crypto market in the past two weeks has also far exceeded that of June 2019 (bull market) and January 2018 (bull market).
The rise is valid, you can continue to get on the bus(Odaily note:Bitcoin has risen more than 40% this year.）Many interviewees believe that the recent rise is reliable and effective, and today's breakthrough also sent a positive signal to the market.
"This time the heavy volume broke through $10,000, which basically opened a new starting point for this round of bull market. Whether it will be pulled back is uncertain, but last year's $6,433 must be the lowest point of this bull market." Clipper Coin Capital partner, Conflux Community ambassador Li Zhe said.
"The follow-up market is expected to be completely dominated by bulls in the short term. Unlike the rise in October last year, it is the animal spirit of the market in a short period of time.
(Odaily note:
Irrational investment behavior caused by extreme joy or jealousy and fear
As a result, the rise this time is slow and continuous, relatively speaking, it is more like a healthy bull market, and the momentum is comparable to the market in the second to third quarters of last year. "Jinze, a senior analyst at Binance Research Institute, explained, "According to the trading volume and technical graphics, the short-term psychological resistance price may be located at 10,300, 11,500, and 13,500 US dollars. "
"The pressure level visible above is the previous high around $10,400, which was also the intensive transaction area last September. The first support levels that can be seen below are $9,500 and $9,200." OKEx analyst Yan Song said, "Ordinary Investors should hold on to the spot, and they can also place long orders at the lower support level. Chasing higher is not a risky option at present."
Bitcoin is consolidating, can ordinary investors get on board?
Li Zhe believes that there is a high probability that Bitcoin will continue to attack in the future. With the halving in May, it is only a matter of time before it breaks through the 2017 bull market high of $20,000. "About the point, one is last year's second highest point of 1.4 US dollars. This may break through when it is halved in May this year, followed by the 20,000 US dollar mark. I hope to break through before the end of this year. But the new high point, According to history, it should be in 2021 next year. Therefore, a large number of ordinary investors who did not enter the market in the early stage can still enter the market this year.”
Also optimistic about the market outlook is Lorry, director of industry research at Amber Group, a digital asset institutional service provider. "This round of the market took the US-Iran conflict as an opportunity. It was driven by spot at the beginning, followed by mainstream halving currencies such as BSV and ETC, which fully stimulated the enthusiasm of the market. Judging from the weekly market, the market has not yet finished, and you can intervene after the callback .”
Cao Junliang said that ordinary investors have a very good chance before the halving market, and they can continue to hold Bitcoin. "The halving of the market will prevent many holders of Bitcoin from selling Bitcoin, and the selling orders will decrease, and the rise of Bitcoin will be very sustainable."
secondary title
Focus on: halving coins, platform coins, ETH
This year, in addition to Bitcoin, many currencies including ETC and BCH will also usher in halving, and the industry also calls 2020 the "halving year". The specific halving list is as follows, it is recommended to collect:
Recently, as the price of Bitcoin has climbed, these halved coins have also achieved impressive gains. Among them, BSV has the highest cumulative increase this year, reaching 278%, ranking first among many halving coins, followed by DASH. The specific data are as follows:
"The logic of the halving currency itself is the short-term imbalance of supply and demand. The increase depends on the size of the circulation and the amount of previous profit taking. In the long run, it still depends on the fundamentals of the halving currency itself. Whether more new nodes and form beneficial connections." Li Zhe explained.
OKEx analyst Yan Song added that the hype about the halving has already experienced a climax, and as the halving day approaches, the selling pressure has begun to increase, and ETC is the first to bear the brunt. "At present, BCH is the currency with a more stable trend. Although BCH faces the influence of uncertain news such as miner tax. However, BSV is too volatile, so it is really difficult to judge, and the top may hit the $400 line again."
Lorry emphasized that this round of halving has been going on for about 2 months, and the currency price will generally peak before the halving. "You can pay attention to the halving coins that have not risen too much in the previous period, such as BTC and BCH. Before the halving market of BTC is over, other currencies will not go bearish. Whether there is still room for growth depends on the situation of incremental funds. .”
CoinMarketCapIn addition to the halved currency, the platform currency that performed brilliantly in 2019 may also be focused on this year.
Taking the three major platform coins as an example, the cumulative gains this year are: BNB (+69.56%), OKB (+46.72%), and HT (+43.33%), which are basically the same as Bitcoin.
"What deserves attention this year is of course the platform currency. After all, it has a benign development and is a preferred investment. In addition, due to the rising market and the increase in transaction volume, the income of the platform will definitely increase significantly, and the platform currency will naturally rise. "Cao Junliang explained.
"With the start of the market, the transaction has become more active. The platform currency will become the second surest opportunity besides BTC. The annual profit of several hundred million dollars is definitely the guarantee of the intrinsic value of the platform currency." Li Zhe Also optimistic about the development of platform currency. Heath Tarbert In addition to halving coins and platform coins, you can also focus on ETH this year. Since the beginning of this year, ETH has increased by 75%, which also exceeds the increase of Bitcoin.
In addition, in the past two weeks, ETH has been in a continuous upward trend, during which only one day was negative, and the trend was strong.
In terms of news, in addition to the upcoming deployment of ETH 2.0 this year, ETH futures will also be traded on traditional mainstream exchanges.
Chairman of the Commodity Futures Trading Commission (CFTC)
In an interview with Bloomberg, it was reiterated that Ethereum (ETH) futures are on the horizon. As early as October last year, Tarbert said that Ethereum futures could start trading in 2020, while saying that the CFTC was willing to give the green light to the new product.
"The momentum of ETH is still very good, and the increase rate is higher than that of Bitcoin. The lock-up of DEFI projects has exceeded 1.1 billion US dollars, which has made ETH a new round of hype." Yansong explained that under various favorable conditions, ETH may Can be a dark horse.
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risk remains
As Bitcoin continues to climb, investors who are short-lived are eager to enter the market, but many risks have to be guarded against.
One is that Bitcoin may pull back.
