On May 7, Bitcoin finally reached the $10,000 mark after breaking past a longtime dropping trend in its value. It had gotten to $9,400, then it had a surge. This break above $9,400 happened at an important time. There are only four days until the Bitcoin halving reward takes place. A strong and lasting surge in buying volume demonstrates that retail traders are continuing to come into the market for this popular asset.
Information from several news publications shows that not long after the 11:34 pm UTC time, Bitcoin to United States Dollars moved past $10,000. After this time, investors will have to wait in order to see whether or not the price does a reject at this level. Fear of missing out from other investors might end up pushing the values higher on the next trading day.
The accomplishment of reclaiming the five-figure mark happened after an almost four-month departure from the level. Just seven weeks ago, the so-called "Black Thursday" of March 13 had Bitcoin's price drop all the way to $3,750. The digital asset's value has had a rally of 160 percent since then.
After Bitcoin's value pushed past $9,400, the resistance moved to $10,000. One news site said that a hedge fund manager, Paul Tudor Jones, said that they made a new allocation to Bitcoin. According to the investor, the performance of Bitcoin is a lot like what gold did in the 1970s. Jones told analysts the right strategy is to own the fastest horse in the race. He is betting on Bitcoin to be that horse.
While Bitcoin's price went up by an excellent 8.92 percent, a few of the top 10 alt coins had some gains, too. Ether increased in value by 3.53 percent. Binance Coin went up by 1.76 percent, and Bitcoin Cash added 2.52 to its value. The total market cap for all of the cryptocurrency assets is now valued at $269.2 billion. Bitcoin’s share of that amount is 67.9 percent as of the end of the trading day on May 7. Investors should watch as the economy begins reopening.