Bitcoin Breaks Above $10,000 in Spot Market

For the first time in three months, bitcoin’s price is being quoted in five digits to the left of the decimal.

The top cryptocurrency crossed above $10,000 at 04:10 UTC and printed a high of $10,176 during the early European trading hours. That was the highest level since Oct. 26, according to CoinDesk’s Bitcoin Price Index.

At press time, bitcoin is changing hands at $10,130, representing 3 percent gains on a 24-hour basis.

The move above $10,000 is accompanied by an improvement in the on-chain fundamentals and looks sustainable. “This breakout is the real deal. Fundamental investment activity is backing this $10k breakout,” Willy Woo, partner at Adaptive Capital, tweeted early Sunday.

With the surge above $10,000, the cryptocurrency’s year-to-date gains have risen to 41 percent and its market capitalization has increased to $183 billion. The cryptocurrency is now up more than $3,500 from the low of $6,425 registered in mid-December.

Bitcoin picked up a bid below $7,000 in early January and has been rising ever since in a textbook bull move: a steady uptrend with regular low-volume pullbacks testing dip demand.

Bigger gains for altcoins

A majority of top alternative cryptocurrencies (or “altcoins”) are outperforming bitcoin, leading bitcoin’s dominance of the overall cryptocurrency market to fall to 64 percent, the lowest level in seven-months.

Ethereum’s ether token (ETH) is currently trading at $230, the highest level since August, a 78 percent gain on a year-to-date basis.

These coins, however, are lagging bitcoin on a 24-hour basis.

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The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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