Bitcoin, the leading cryptocurrency with the market capitalization of over 182 billion US dollars, reached the $10,000 mark for the first time in 2020 before retracing back to $9,800 at the time of writing. Bitcoin broke above $10,000 after four months.
Bitcoin retracts after enjoying a brief moment above $10,000
It did not take long for Bitcoin to drop down from the psychological hurdle of $10,000. The leading cryptocurrency gained nearly 40% since the beginning of the year. It started the year at below $6,500 and managed to reach $10,000 mark within the 40 days. However, it should be kept in mind that bitcoin, in its entirety, has only remained above $10,000 for 170 days, which is less than half a year.
While people in the mainstream believe the majority of Bitcoin investors have gotten rekt, keep in mind that it's only traded above today's price on 170 days, less than half a year.
— Ceteris Paribus (@ceterispar1bus) February 9, 2020
Halvening event scheduled to take place in May
The halvening even of the leading cryptocurrency is scheduled to take place in May of this year, after which the reward for miners adding blocks would be reduced to half. Historically, the halving event has had a positive impact on the leading cryptocurrency. The price of bitcoin surges to new heights after six to nine months of the event. If the history repeats itself, then we could see bitcoin breaking its all-time high of nearly $20,000 by the end of this year.