Bitcoin supporters can be very satisfied with the chart development of the past 7 days. The No.1 crypto currency reached its highest value since the outbreak of the coronavirus pandemic. We look at the most important events in the crypto space.
Bitcoin with strong performance
At the time of this article, the BTC is quoted at USD 6789. After digital gold reached its highest level (around 7200) since the outbreak of the coronavirus pandemic yesterday, the bears fought back with all their might. For several hours now, the BTC has been in a sideways movement at the resistance of USD 6800. Should this fall sustainably, a quick push over the USD 7000 mark would be very likely. The bulls would then attack the level at USD 7500.
Groundbreaking week start
In recent weeks, the traditional ones started the week with enormous price drops on several occasions. Again and again, headlines about “Black Monday” haunted the media landscape. These reports also had an impact on Bitcoin. With a market capitalization of approximately USD 190 billion, crypto space is a comparatively small market. This brings the danger all the closer that the blockchain world will become the plaything of traditional markets. Many traders had this impression at the beginning of the current crisis. When Wall Street suspended trading, it didn’t take long for Bitcoin to dump below the important USD 5000 mark. However, the crypto-market has seemed much more stable for about 14 days now.
Low correlation to the stock markets
Current trends indicate that the correlation between the traditional markets and the crypto market is gradually declining. When the major stock indices fell on both Thursday and Friday, the BTC closed out and shot into the green. It is quite possible that Bitcoin will increasingly present itself as a crisis-stable value store in the coming weeks. The upcoming Bitcoin Halving Event has a significant impact on the inflation rate and could drive many investors into the BTC.
McAfee changes its opinion
The Altcoins are currently living a shadowy existence. According to John McAfee, however, this could soon change for a certain group. After betting his best in 2017 that the BTC will reach a price of one million US dollars in 2020, the latest statements sound extremely surprising. For example, he has been arguing for some time that Bitcoin is “worthless”. In a tweet McAfee now expresses himself as follows: “The Monero is now the only coin to surpass Bitcoin. That’s what I said from the beginning: The private coins (and the stable coins – which are non-volatile) will be the most important of the coins actually used by people”.
Altcoin courses on Sunday
Most Altcoins consolidate on Sunday. TRON makes the biggest leap into the Top 50 with a price increase of about 7%. Referendum users can receive TRON tokens for streaming since a few days. With this TRON supports the #stayathome campaign.