Weekly Behavior of Bitcoin Against Other Assets: Can Bitcoin Surpass $10,000?
The passing week has been unexpected for the crypto community as the price value of top digital affected by great volatility. During its jump in the upward direction, Bitcoin rose to $10,500 from $9,400 in just 24 hours. In the lower dip, Bitcoin dropped to $9,400 and even to $8,600 on derivatives exchange, BitMEX, in a matter of minutes.
Traditional Markets
The traditional markets have also seen a clear growth this week after a long time bearish scenario. For example, in this weak, S&P surged by 6%, and Nasdaq 100 increased by 4%, which touched its high and broke the record recorded before COVID-19. Airlines companies have also seen a clear upward trend after going through a panic phase under the pressure of Coronavirus.
Altcoins’ Performance
The presence of uncertainty in the crypto markets during the whole week is dedicated to the high volatility on the part of Bitcoin and other altcoins. The price values of few altcoins saw a clear uptrend making the biggest moves of the week. The second-largest cryptocurrency Ethereum claimed the figure of $250 in the crypto bullish rally but then it slipped slightly. Currently, Ethereum is trading at $243.
Cardano is the top-performing coin of the week, which can also be included in the top performers of the month. The ADA value has been increased by more than 30% in the week. In its bullish uptrend, Cardano has overtaken Tezos (XTZ) and has become the 10th largest cryptocurrency by market volume.
The Grayscale’s Bitcoin investments from institutional clients are increasing more than ever, and it’s due to “policy implications of COVID-19,” Grayscale’s executive said during an interview.
Adam Back, the CEO of Blockstream, recently claimed that Bitcoin will tap the figure of $300,000 in the next five years without institutional aid:
“It might not require additional institutional adoption because the current environment is causing more individuals to think about hedging. And retaining value when there’s a lot of money printing in the world.”
Currently, the crypto community is expecting from Bitcoin to retest $10k as it is struggling under the key target value.
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