Bitcoin Tops $20,000 for the First Time in a Week

Bitcoin, the largest cryptocurrency by market capitalization, has managed to reclaim the $20,000 level for the first time since Sept. 18.

The top cryptocurrency is currently changing hands at $20,040 on the Bitstamp exchange after adding roughly 4% over the past 24 hours.

However, it remains to be seen whether bulls will manage to hold above the psychologically important level this time around. According to cryptocurrency analytics company Santiment, “mass profit taking” ensued shortly after the largest cryptocurrency breached the $20,000 level.

See related article: Best Crypto Savings Accounts in 2022

According to Efficient Frontier’s Andrew Tu, the majority of remaining cryptocurrency holders are long-term holders. Bitfinex data shows that the number of holders with at least 0.1 Bitcoin has spiked in recent months.

Bitcoin's correlation with the equities market remains pretty high. The recent price uptick coincided with stock futures jumping higher this Tuesday. Nasdaq 100 futures are up roughly 0.75% at press time. The benchmark Dow index is also up 0.62% after plunging into bear market territory on Monday.     

Source: https://u.today/bitcoin-tops-20000-for-the-first-time-in-a-week