The Crypto Weekly Market Update
The Week in Crypto:
Bitcoin Breaks Above $16K For The First Time Since January 2018: The Crypto Weekly Market Update
Bitcoin is up by a total of around 5% this week. However, the most interesting part is that it finally broke above the coveted $16,000 mark for the first time since January 2018.
This time, however, things are looking a lot more stable. BTC had a few attempts at $16,000 and managed to convincingly break through today. Ironically, it’s Friday the 13th so there goes the myth of bad things happening on this date.
At the time of this writing, the price is trading at above $16,200 and it’s interesting to see if the bulls can sustain the rally or if we will go through a correction anytime soon.
Another thing to consider is Bitcoin’s dominance index – the measure of its share relative to the entire crypto market. It’s currently sitting just below 65% and it’s unchanged since last week. This means that despite the increase in its price, the primary digital currency didn’t claim any new grounds.
Other important news came from PayPal. The company had previously stated that it will allow its users to buy, sell, and store cryptocurrencies. Now, this is becoming a reality as select US-based customers can buy and sell Bitcoin. PayPal is the world’s largest online payment processor with billions worth of monthly transfers and that’s undoubtedly among the most important things that have happened for the industry in 2020.