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Bitcoin Fighting to Break the 10k USD

bitcoin fighting to reach 10k

June 11, 2020 | 

3694 Views | 

JOHN K MWANIKI | 

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What is that one thing that holds you from investing in Bitcoin? Well, for most prospective investors, it is the volatility. You are never too sure of the exact value of your assets at any time. It is not strange for the value of the Bitcoin to even reduce by half at any time. Just like it can go down, it can also rise in value depending on different market conditions.


However, what's given is the resilience and the ability of the coin to bounce and rise in value. After a sustained period of the currency losing value, recent weeks have seen Bitcoin fighting to break the USD 10k, almost successfully.

Because of the widespread Covid-19, it is interesting to note how sustainable the growth is happening on the backdrop of a stalled world economy.

bitcoin fighting price 10k

Putting Bitcoin Fighting to Brake the $10k USD into Perspective

Even though the cryptocurrencies trade differently from the fiat currency, understanding the traditional economy set up helps you know faster the price changes in the crypto world.

That the world economy is damaged is no news; with almost all sectors non-operational, the money flow in the marketplace is hampered. So far, only the governments, through the central banks, are looking to cushion the economy's flow of money. The central banks, though, must tread carefully not to erode the years of gains from the free monetary flow.

The pandemic has affected not only the fiat economy but also the crypto world, with Bitcoin halving around March. While at any other time this would spell doom to the currency, it instead marked the turning point. With lower gains for every mined unit, mining of the coins reduced drastically, leading to a shortage.

With the law of demand and supply in play, the need for the coins increased with scarcity leading to a higher value. 

The Future of Bitcoin after Hitting USD 10k

The continuous changes in Bitcoin prices have kept investors always guessing what to expect next. After breaking the spiralling down decline and bounce to hit over the $10000 mark, several Bitcoin enthusiasts are bracing for even more gains as the halving keeps on.

These speculators believe it might reach the ultimate $100000 by the end of 2021. While these figures might seem astronomical, other speculators believe the coin will experience declines in value in recent times. They believe Bitcoin cannot sustain the growth based solely on halving.

Still, Bitcoin is a good bet for traders looking to join the cryptocurrency world.  You are always assured that no matter how much it dips in value, it always bounces back. The full acceptance of the coin also means it is a worthwhile investment. The more merchants and several countries accept it as a means of exchange, the more it increases in value. 

Bottom Line

The uncertainty caused by the economy slowing due to Coronavirus has made it tough to make investment decisions. Still, Bitcoin has braced all the concerns to hit the $10k mark. Even though it was not the first time the coin hit such levels, it had been on a sustained drop, with most investors facing losses.

The other concern is the effects Bitcoin has on other cryptocurrencies. Being the industry leader, the rise in value trickles down to other coins like Bitcoin cash. Bitcoin hitting the $10k is, therefore, a show of all right tides and a better future for the crypto world.

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