Bitcoin has risen in value to $10,200. What's next?

Soared above the round $10,000 mark on Sunday. At such levels, the first cryptocurrency was briefly traded on June 2. BTC's growth for the week is more than 8%.

The rest of the crypto market continues to grow as well. Bitcoin's dominance index fell below 60% for the first time since June 2019 amid rising demand for altcoins.

updated its yearly highs above $300. Weekly growth of the second most capitalized cryptocurrency was over 30%. Demand for Ethereum is fueled by the boom of the DeFi sector. The volume of assets blocked in DeFi protocols exceeded $3.7 billion, with Maker, Aave and Compound leading the way.

A number of market participants expected that the level of $10,000 would restrain further upward movement of bitcoin. This is evidenced by data from the BitMEX exchange, where there was a significant volume of liquidations of positions on BTC derivatives.

The cryptocurrency market capitalization exceeded $300 billion. Above this level, the figure rose this year only briefly in February.

Researchers from CryptoQuant highlight three main drivers of BTC growth, coinspot writes:

Kyle Bass, a top manager at Hayman Capital, highlights another factor in BTC's long-term growth. He believes that the periodic activation of the printing press leads to the depreciation of fiat money and forces investors to switch to alternative instruments such as gold and bitcoin.

Capriole's digital asset manager Charles Edwards said bitcoin will easily reach $20,000 if US banks invest at least 1% of their assets in the main cryptocurrency.

"The rising popularity of altcoins is considered a positive sign for the crypto market's prospects. The continuation of its downward dynamics will indicate growing retail demand, as institutional investors invest mainly in the first few coins by capitalization, taking advantage of the existing infrastructure for them. Apparently, the infrastructure will expand, as it became known that the U.S. Ministry of Finance allowed commercial banks to engage in storage of cryptocurrencies," - says the team of analysts at FxPro.