These Are Main Reasons Why Bitcoin Just Hit $11,000

Latest Cryptocurrency News
Wed, 09/16/2020 - 17:10
Alex Dovbnya
Bitcoin bulls have pushed Bitcoin above $11,000 yet again (and we know why)
These Are Main Reasons Why Bitcoin Just Hit $11,000
Cover image via stock.adobe.com
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Bitcoin surpassed the $11,000 mark for the first time since Sept. 3 at 15:30 UTC on the Bitstamp exchange.

At the time of writing, the bellwether cryptocurrency is trading at $11,073. 

TradingView
Image by tradingview.com

Bitcoin bulls get emboldened by positive news

Bitcoin breached the key level because of a flurry of positive news that reignited the waning bullish momentum.   

The Kraken cryptocurrency exchange recently made history by becoming the very first crypto bank in the US after obtaining an SPDI charter in the state of Wyoming. 

As reported by U.Today, the world’s leading business intelligence firm MicroStrategy also announced an additional acquisition of $175 mln worth of Bitcoin on Sept. 14. 

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The alt season hits the pause button 

The recent rally is isolated to Bitcoin, with all the top 10 altcoins being in the red, according to CoinMarketCap data. The overextension of the so-called "alt season" also played into the king’s hands. 

Bitcoin1
Image by coinmarketcap.com

Chainlink (LINK), the skyrocketing crypto that took the market by storm in August, is down more than six percent today.   

The “Bitcoin Dominance Index” (BDI) is gradually grinding higher, currently sitting at 57.9 percent. Yet, it is still down 13.4 percent from its May high of 67.11 percent. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.