Bitcoin has finally broken through its resistance barrier in a surge back to five figures as the highly anticipated halving event nears.
The crypto markets have pumped US$14 billion [AU$21.43 billion] over the past 24 hours and the majority of that capital flow has gone to Bitcoin. The push has lifted the total market capitalization to an eleven-week high of $270 billion.
Bitcoin reached five figures a couple of hours ago as it topped $10,000. This would be the first it returning to the five-digit figure since the end of February.
Halving FOMO (Fear Of Missing Out) is likely to be the cause of the push as the event is less than four days away now. Analysts have noted that major resistance has been broken but BTC really needs to make a higher high for the uptrend to be confirmed.
— CryptoHamster (@CryptoHamsterIO) May 8, 2020
This would mean topping its mid-February peak of $10,500 which also serves as heavy resistance.
Ethereum has clawed back a couple of percent to reach $213 while XRP is closing on $0.22. Monero has made the biggest gain with over 10% taking it to $65.
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