Interest in Bitcoin (BTC) has surged significantly after its rally above $10,000 and if the bulls can sustain the price above this psychological level, it is likely to attract further attention. While it is difficult to pinpoint the exact reason for this resurgence, a host of factors such as the China coronavirus scare, the upcoming Bitcoin halving, discussion of launching a central bank digital currency by various countries, and the increased institutional adoption of cryptocurrency might all be contributing to the rally.
An important highlight of the crypto rally in 2020 is that it has been broad-based. Several major altcoins have made a sharp comeback, which shows wider participation by investors. Barring a few altcoins, the rise in most major cryptocurrencies has been gradual. Such uptrends usually tend to sustain for a long period. Therefore, when a the trend is firmly established, traders should look to buy on every dip.
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