Bitcoin Breaking $10K As The Altcoin Season 2020 Continues: The Crypto Weekly Market Update

Bitcoin’s price made yet another positive week of continuous gains. In the past seven days, BTC is up more than 4%, finally breaking above the essential technical and psychological resistance of $10,000. The price shot up to as much as $10,500 but failed to claim this level and retraced to where it currently trades at around $10,200.

As it stands, Bitcoin might need some more time to regain its momentum and try again for the crucial ascending trend-line resistance. In any case, it’s important to pay attention to the $10,000 support level from below and the $10,500 resistance from above, which is also this year’s high.

Altogether, the entire cryptocurrency market performed very well. It crossed $300 billion for the first time in six months, as altcoins continue to mark serious increases. BTC’s dominance is declining, however, which signals that altcoins are, indeed, booming.

cryptocurrency_week_overview-min (1) — Cryptocurrency Weekly Overview. Source: Coin360.com

Ethereum (ETH) has been on the go for the past week, gaining more than 23%. Ripple is also catching up to the party with 17% weekly increases, while Tezos (XTZ) remains the absolute champion, charting an increase upwards of 50% in the past week alone.

The market’s recent performance has most definitely caught retail attention again. Google queries for the critical phrase “buy Bitcoin” are at their highest level since last June. Moreover, it appears that Bitcoin and cryptocurrency trading books comprise almost 20% of Amazon’s best sellers in the “Online Trading & Investing” section. This could be a serious sign that the market is currently moving in the right direction.

At the same time, Steven Mnuchin, the U.S. Secretary of Treasury, recently said that the country plans on rolling cryptocurrency “requirements” soon. They will supposedly aim to push technological advancement while also preventing cryptocurrency-related fraud.

It remains very interesting to see how the market will perform in the coming months as we get closer to Bitcoin’s halving.

Market Data

Market Cap: $304B

24H Vol: $158B

BTC Dominance: 66.3%

BTC: $10,255 (0.47%)

ETH: $276,92 (3.26%)

XRP: $0.330 (0.93%)

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