Bitcoin Hits $10K — Paul Tudor Jones Buys BTC Comparing It to Gold


Cryptocurrency / Cryptocurrency 66 Views comments

With only 4 days left until the halving, Bitcoin price rose to $10,000, making a 160% gain since Black Thursday.

Today Bitcoin (BTC) hit $10,000 after finally managing to break above a long-term descending trendline at $9,400. The break above the important psychological level comes as there are only 4 days left until the Bitcoin block reward halving and a strong sustained surge in purchasing volume shows retail traders are steadily piling into the digital asset.

Crypto market weekly price chart. Source: Coin360

Data from Cointelegraph Markets and CoinMarketCap shows that shortly after 11:34 p.m. UTC BTC/USD moved to $10,000. From this point traders will watch to see if the price rejects at this level, although FOMO from retail investors could easily push prices higher.&

The feat of reclaiming five figures occurred after a nearly four-month absence and since the price dropped to $3,750 on Black Thursday (March 13), Bitcoin price has rallied more than 160%

As Bitcoin price pushed through the $9,400 resistance and marched to $10,000, Bloomberg reported that hedge fund manager Paul Tudor Jones disclosed a new allocation made to Bitcoin in a client letter.

According to Jones, Bitcoin’s performance is akin to the role gold played in the 1970s and he told clients,“The best profit-maximizing strategy is to own the fastest horse,” and he elaborated by saying:& &

If I am forced to forecast, my bet is it will be Bitcoin.

Bitcoin weekly price chart. Source: Coin360

Altcoins play catch up

As Bitcoin price surged by 8.92%, a handful of top-10 altcoins followed with smaller gains.& Ether (ETH) gained 3.53%, while Binance Coin (BNB) and Bitcoin Cash (BCH) added 1.76% and 2.52% respectively.

The overall cryptocurrency market cap now stands at $269.2 billion, with Bitcoin’s dominance rate is 67.9%.

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