Bitcoin surpasses $ 12,000 by crushing altcoins

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Bitcoin has surpassed $ 12,000 for the first time since September 1. Most of the altcoins were crushed while Bitcoin was rising.

Bitcoin price has risen above $ 12,000 for the first time since September 2. The largest cryptocurrency by market value today saw $ 12,059 as of 20.48 TSI.

While Bitcoin left behind 12 thousand dollars in global crypto money exchanges, it exceeded 94 thousand 600 TL in domestic crypto money exchanges. This level became a new record level for Bitcoin.

In Bitcoin, the price and dominance rate are parallel. According to CoinMarketCap data, while the Bitcoin price rose, its dominance rate exceeded 60.5 percent.

Altcoins did not accompany the price increase today. While many of the altcoins are losing value, the biggest loss in the top 10 is in Chainlink (LINK) with 9 percent. LINK, which saw $ 20 in mid-August, is currently changing hands at $ 10.

Bitcoin difficulty sets a new record

The mining race in Bitcoin has heated up recently. With the difficulty adjustment made a few days ago, the mining difficulty in Bitcoin has increased to 20 trillion. This figure has never been seen before. On the other hand, according to Blockchain.com data, the hash rate was measured as 147 eksahash on October 18. 147 eksahash is a new record high for Bitcoin.

What do analysts say?

“Bitcoin has risen steadily in recent weeks, partly due to news about Square’s $ 50 million acquisition of Bitcoin, and perhaps more importantly, US Federal Reserve Governor Jerome Powell’s comments on CBDC,” said Simon Peters, analyst at popular investment platform eToro. It is necessary to wait to see how the market will react to $ 12,000. This year, prices have not remained convincingly above this level. For a bull run, the price should stay above $ 12,000 for a long time. If it manages to hold above $ 12,000, the next target is $ 14,000. ” used the expressions.

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$ 12K is a strong resistance point for Bitcoin. Tim Enneking, managing director of Digital Capital Management, described the $ 12,000 level as “the mother of all resistances,” and “All price movements over the past five months revolve around this level, and it still is.” used the expressions.

Enneking suggested that after Bitcoin holds above $ 12,000, it will face a 16-month wall at $ 14,000.


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