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#1 07-02-2020 08:49:18

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Bitcoin: fast approaching $10,000, but other cryptos climbing faster

Bitcoin: fast approaching $10,000, but the other cryptos are climbing faster

Bitcoin got closer to the key $10,000 threshold yesterday, reaching its highest level since last October at around $9,795.

The price of Bitcoin has risen nearly 40% since the beginning of 2020, as traders look forward to the next halving in May, among other developments.

However, the price of Bitcoin has been far outpaced by almost all other major crypto-currencies since the beginning of 2020, with triple-digit gains in the first few weeks of the year.

Among the ten largest crypto's in value terms, Bitcoin SV, a branch of Bitcoin Cash, which is itself a branch of the original Bitcoin, has recorded the highest increase so far this year, at 210%.

Bitcoin SV, which split off from Bitcoin cash 2 years ago and is controlled by the controversial Australian computer scientist Craig Wrights, soared in January following reports that Wrights has acquired documents that could help prove he was involved in the creation of Bitcoin just over 10 years ago.

This claim has been widely ridiculed by the Bitcoin and crypto community and Wrights has yet to substantiate the claims.

"While prices appear to be rising and substantial growth is taking place in terms of institutional product offerings and regulatory clarity, there are still significant unknowns hanging over the market in general," say researchers at the Bitcoin and Crypto SFOX trading platform, leaving their market outlook "neutral".

Bitcoin, however, remains the main driver of the crypto market, with its dominance, a measure of Bitcoin's value relative to the broader crypto market, at 64.2%, up from just over 50% in February 2019.

"It is not certain that Bitcoin can serve as a safe haven in the coming geopolitical turmoil; it is not certain that there is a real appetite for all the institutional crypto offerings that are being launched; and it is not certain that the impact of the next halving of the reward on Bitcoin blocks, in May, will have an impact on the price of Bitcoin," say analysts.

The other most important cryptoes, excluding stable wedges, have also risen more than coins so far this year.

The second most valuable crypto, Ethereum, increased by 59%, while the third, Ripple's XRP, increased by 48%.

Ripple CEO Brad Gerlinghouse highlighted XRP's year-to-date performance, expressing his annoyance at the former billionaire hedge fund manager, now Bitcoin, and at crypto investor Mike Novogratz's suggestion that XRP will have another gloomy year this year, by calling for a "fact-check".

As for the Litecoin, it has risen by 77%, while the EOS has jumped 78% so far this year.

Daily Bitcoin chart

"Anything worth having is worth going for - all the way." - J.R. Ewing



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