Bitcoin’s latest climb has spurred the interest of a lot of people in the cryptocurrency industry. Detractors who had left the world’s largest cryptocurrency for dead were coming out to support it in full swing. Bitcoin proponents have also wasted no time in taking to social media platforms to praise its utility.
Brian Armstrong, the Chief Executive Officer [CEO] of Coinbase, recently took to Twitter to talk about Bitcoin’s breach of the $10,000 mark.
The Coinbase CEO has always made it a point to integrate Bitcoin into new updates of the cryptocurrency exchange. According to him, a lot of cryptocurrencies can utilize the features possessed by Bitcoin to further the adoption cause. After Bitcoin crossed the $10,000 mark recently, Armstrong stated that it was only a matter of time before it hit its earlier peaks.
His tweet read:
Bitcoin first crossed the $10,000 mark in the wee hours of February 9th. Since then the cryptocurrency climbed up more only to settle near below $10,000. At present, Bitcoin was trading for $9790 with a total market cap of $178.29 billion. The highest that Bitcoin has reached this year is $10,142. At the time of writing, Bitcoin’s market volume was $36.651 billion. The price hike was the longest daily winning run since September of 2019.
During that instance, the cryptocurrency produced five continuous green candles which raised its value from $9350 to $10,783. Analysts were now predicting that if Bitcoin’s support holds at $9586 then there may be a chance for it to go up to $10,350.
Proponents like Armstrong have always claimed that sustained bear runs always remove the fake supporters from the industry. According to them, a price dip should be a sign to invest and build more technology on existing foundations. Armstrong himself had said that the reduction in transaction fees was comparable to the reduction in messaging fees over the past century.
It is also important to look at the reasons as to why Bitcoin surged so rapidly over the weekend. Some say that it may be due to the accumulation of Bitcoin since December 2019 while others point to whale manipulation. There were some positive takeaways from Bitcoin’s inner workings. A huge rise in on-chain investor activity was also seen as a reason for Bitcoin’s price hike.