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    Home » Market Updates » Bitcoin Touches $10,950 as Crypto Market Cap Gains $12 Billion (Market Watch)

    Bitcoin Touches $10,950 as Crypto Market Cap Gains $12 Billion (Market Watch)

    Author: Jordan Lyanchev

    Last Updated Oct 9, 2020 @ 07:16

    $12 billion gains for the crypto market cap as Bitcoin jumps towards $10,900 and alternative coins pump even harder.

    Following yesterday’s announcement that Square has purchased $50 million worth of Bitcoin, the asset has reacted with a significant price jump to $10,900. Most altcoins have followed suit and the cryptocurrency market cap has increased by $12 billion.

    Bitcoin To $10,900 Due To Square?

    Bitcoin was in a bit of a pickle in the past few days trading around $10,600. Yesterday didn’t appear as a breakthrough day for the asset as it was slowly declining towards $10,540 (on Binance).

    However, approximately at that time, news broke out that Jack Dorsey’s Square has made a sizeable investment in the primary cryptocurrency. By arguing that Bitcoin is an “instrument of economic empowerment,” the company bought $50 million worth of BTC.

    Shortly after, the cryptocurrency started accelerating, and a few hours later, it reached $10,940. Despite retracing slightly since then to just below $10,900, Bitcoin is still 2.5% up on a 24-hour scale.

    From a technical standpoint, BTC broke above a crucial resistance at $10,800 on its way up. To continue heading north, it needs to overcome the psychological $11,000 level, followed by the next resistance lines at $11,120 and $11,400.

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    If the situation reverses, Bitcoin can rely on $10,730 and $10,680 as support.

    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    Altcoins Follow Along, Market Cap Gains $12B

    Most altcoins have followed their leader. Ethereum has increased by 3% and hovers at around $350. Ripple (2.6%) trades above $0.25.

    The two most impressive gainers in the top 10 come from Polkadot and Chainlink. DOT’s 7% surge has placed the asset at the 6th spot with a price tag of over $4. LINK has jumped by 8.6% and trades near $9.5.

    Bitcoin Cash (4.2%), Binance Coin (2.2%), Crypto.com Coin (2%), and Litecoin (1.6%) are also in the green.

    Cryptocurrency Market Overview. Source: quantifycrypto
    Cryptocurrency Market Overview. Source: quantifycrypto

    Even more impressive gains are evident from mid and lower-cap altcoins. UMA and The Midas Touch Gold lead the way with an approximate 25% surge. SushiSwap (17%), Uniswap (17%), Yearn.Finance (15%), Avalanche (13%), Swipe (11%), and Energy Web Token (10%) have also jumped by double-digit percentages.

    Overall, the total market cap has surged from $331 billion to $343 billion in a day.

    Crypto Market Cap. Source: CoinMarketCap
    Crypto Market Cap. Source: CoinMarketCap
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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.

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    Tags: Bitcoin (BTC) Price Ethereum (ETH) Price Polkadot Total Market Cap
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
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