On Wednesday a familiar picture is repeated: After the bulls were able to hoist Bitcoin above the important USD 12,000 mark on Tuesday, the market leader subsequently plunges down by about USD 700. In just a few hours, investors pull over USD 7 billion out of the market. Some indicators suggest that many traders do not believe in crossing the line in the short term. In addition, futures worth billions were liquidated when the USD 12000 was reached. We take a look at the current market situation.
Bitcoin price current
At the time of this article, the first mover is quoted at 11320 USD, which is a daily loss of 5.65%. Accordingly, the next resistances are now again at 11400 USD and 11600 USD. On the downside, bullish traders are hoping for support lines at 11200 USD and 11000 USD. At the moment, approx. 209 billion USD out of approx. 370 billion USD are in BTC investments. Accordingly, the Bitcoin Dominance Index is at 56.5%. Many alternative assets are hit much harder than Bitcoin on Wednesday.
Ethereum rushes off
Ethereum has to take a harsh blow the next day after reaching the annual high. After a share price loss of 10.42%, the Smart Contract Coin is even threatened with falling below the important USD 400 mark (current price: USD 428.92).
A look at the Top 10
Tether can continue to extend his lead on Ripple and consolidate his podium position. Who catches up into its Chartinformationen on coinmarketcap.com, might have noticed a new Coin in the desired Top 10 on Wednesday. Polkadot enters with a market cap of 5.3 billion USD on position 5 of the crypto charts. This means that the open source project can even displace high-flyer Chainlink. Further behind, many Altcoins are suffering losses in the double-digit percentage range:
- Tezos (- 11 %)
- EOS (- 11 %)
- cosmos (- 11 %)
- UMA (- 26 %)
- OMG (- 16 %)
- Aave (- 15 %)
DeFi market continues to boom
The DeFi market recalls the ICO hype of 2017, with thousands of investors pumping capital into decentralized financial projects without even looking at the white paper. Meanwhile the DeFi-Coins are approaching a market cap of about 10 billion USD. Of course, the use cases could have a long-term impact on the block chain world and the financial sector, but one should not ignore the hacks and exploits that have occurred so far.