Bitcoin on Thursday finally broke through the $10,000 price, more than two weeks after it dipped below it. The most popular digital coin in the world didn’t really manage to continue its climb, and it’s now trading at around $9,900.
All other cryptocurrencies are seeing minor drops compared to Thursday, but they’re up significantly for the week.
Since its all-time highs of more than $19,000, the price of Bitcoin dropped below $10,000 three times this year. In two of those cases, Bitcoin was quick to rally, but now it needed more than two weeks of trading to return to this crucial psychological level.
A wave of positive news helped all digital coins reach new heights this week, although they’re all far from peak performance. As one analyst observed recently, Bitcoin price moves affect the entire crypto market.
Where will the price of Bitcoin go next? It’s hard to tell, as cryptocurrencies are a lot more volatile than anything you can trade online. But Fundstrat Global Advisors managing partner Thomas Lee sees a new record peak from Bitcoin by July, Reuters reports. While he didn’t offer a figure, that’s based on Bitcoin’s 22 corrections since 2010.
Earlier this week, executive director of the Bitcoin Foundation said Bitcoin could go to $40,000, according to Business Insider.
Again, these are just estimates for the time being. If you’re planning to invest in Bitcoin and any other currency, make sure you do your homework before you spend your money. Oh, and if you’re a Coinbase customer, you may have other issues to deal with before you resume your trading.