The whole blockchain and crypto market has seen gains in the prices of digital assets, especially Bitcoin, the oldest and leading cryptocurrency by market capitalization. On May 12, Bitcoin (BTC/USD) traded above the $7500 price level, which is its record high price since August 3, 2019 (around nine months). Several crypto analysts anticipate BTC to skyrocket and hit $10,000 before this month ends.
The original cryptocurrency, has been gradually increasing in value for over a week now. It started last week trading at around $5827, and since then, the price of the coin has never plunged, it was seen breaking the $6,000, $6,500, $7,000 and $7,500 resistance levels, in just 7 days.
BTC/USD 24-h Price
However, after reaching the $7500 level and jumping it, the coin started plummeting and fluctuating in value over a few hours. At press time, Bitcoin has fallen from yesterday’s high of $7,503.87 to $7,307, according to the coinmarketcap
data (12:53 UTC), and there are visible signs that the coin might
plummet further to trade back between the $5,500 – $6,500 range.
The total market cap of over 2160 cryptocurrencies is standing at over $219 billion, the total daily trading volume is at over $75.2 billion, and the BTC dominance is around 59%. Bitcoin’s potential rivals Ethereum (ETH) Ripple (XRP) and Bitcoin Cash (BCH) are all in green trading at about $193 (1.69 percent) with a MC of $20.5 billion, $0.320568 (2.24 percent) with a MC of over $13.5 billion and $366 (3.63 percent) with a MC of over $6.5 billion respectively.
Bitcoin to Hit $10,000 Level
A lot of people have previously
predicted different prices of BTC to happen between now and December this year. And now that the coin hit and surpassed the $7,500 level, whales and bulls are going to join the bandwagon and the crypto could likely reach and break the $10k price level, sooner or later.
Nevertheless, the predicted
$10k price is still low compared to how the flagship cryptocurrency was trading late 2017 and early last year. Don’t forget that BTC/USD has ever changed hand at its all-time high of around $20,000 on December 17, 2017 and all-time low of almost $65.53 on July 5, 2013. Therefore, the Bitcoin price has the potential to fall or rise, basing on the factors and catalysts that influence it in the market.