Bitcoin has topped the $20,000 level, but it remains to be seen whether this rally will be sustainable
Bitcoin, the largest cryptocurrency by market capitalization, has managed to reclaim the $20,000 level for the first time since Sept. 18.
The top cryptocurrency is currently changing hands at $20,040 on the Bitstamp exchange after adding roughly 4% over the past 24 hours.
However, it remains to be seen whether bulls will manage to hold above the psychologically important level this time around. According to cryptocurrency analytics company Santiment, “mass profit taking” ensued shortly after the largest cryptocurrency breached the $20,000 level.
According to Efficient Frontier’s Andrew Tu, the majority of remaining cryptocurrency holders are long-term holders.
Bitfinex data shows that the number of holders with at least 0.1 Bitcoin has spiked in recent months.