Bitcoin Rose to More Than $10,000 – Outshines Gold

Before August came, Bitcoin reached the $10,000 mark—its highest level since June. It is now trading at around $9,970, based on recent July 26 figures. The biggest cryptocurrency saw an 8% gain on a week to week basis.

Although this looks significant, it is still a far cry from its lifetime peak of $20,000 back in December 2017. However, it does outperform Gold, which is still trading at around $1,900—its highest peak since 2011.

On the other hand, Ethereum is emerging as quite the winner. Ethereum prices went as high as $319 by the near end of July, and is currently trading at around $310. Although still far from Bitcoin’s prices, it did register one of the highest gains in the cryptocurrency market this year—registering a 140% gain so far.

It seems like Bitcoin would be stuck at the $9,000 to $10,000 range, given that they are struggling to draw hedging bids. Investors however speculate that Bitcoin will see higher gains in the near future, seeing that it has breached a bearish trend—as observed by its figures from December 2017 to its peak in July 2020.