BTC Dominance Index continues to decline
The Bitcoin Dominance Index reached a new annual low of 61.1% on Friday. The Altcoins are catching up and are also recording considerable price gains today. We take a look at the current market situation.
The Bitcoin starts to move sideways at the weekend. After the No.1 crypto currency bounced back several times at the 10500 USD mark, the current rate is at 10267 USD. The 24-hour volume of approx. 43 billion USD indicates the great interest of investors. In August 2019, users last made as many search queries for the term “Bitcoin” as they do at the moment.
Important trend lines
After the recent pullback, the support line holds at 10200 USD and forms an important buffer before the magic 10000 USD line. Should the Bitcoin be able to hold above this line, it will run towards the resistance at $10300 from a bullish perspective. As a result, the next groundbreaking hurdle would be the annual high with resistance at $10,500. The trading volume and RSI indicators are bullish at the moment and the Bitcoin continues to move into the focus of the mainstream media. On Friday, however, it is the Altcoins in particular that are making positive headlines.
Ethereum price rally continues
Ethereum’s impressive bull run continues. At around USD 276, the USD 300 mark is gradually coming into sight. In the past 30 days, the ETH Zurich share price has thus risen by over 70%. The decentralized financial market (DeFi) is booming like never before and the stakings are now at an equivalent of more than USD 1 billion. In the meantime, over 200 DeFi products are already based on the Ethereum blockchain, and the trend is rising.
Altcoins have a strong start to the weekend
All the coins from the top 20 have recorded price gains in the single-digit percentage range on Friday. The Bitcoin Forks (Bitcoin Cash, Bitcoin SV and Litecoin) defend positions 4, 5 and 6 in the crypto charts and Ripple reaches a new annual high of approx. 0.34 USD. Tezos chooses itself as the absolute top performer with a price increase of over 50% (within the last 7 days). The market is currently showing some parallels to January 2018, with Bitcoin pulverizing psychological boundaries and Altcoins regaining market share in the shadow. At that time this situation resulted in a spectacular Altcoin Season. ETH reached an all-time high of 1432 USD and triple-digit price breakouts became a habit. Whether similar conditions will be repeated in 2020 remains questionable. One thing is certain: FOMO (fear of missing out) is back in crypto space and investors are pumping new money into the market.
Steemit strategic partnership with TRON
Blockchain-based social media giant Stemmit announces a partnership with TRON on Valentine’s Day today, causing a furore in the cryptospace industry. Through the cooperation Stemmit shall be integrated into the TRON blockchain. In a Tweeet TRON head Justin Sun comments as follows: “TRON and stemmit will create further value for the users and strengthen their progress in distributed technologies. The TRON share price responded to the announcement with an increase of approximately 9%. With a market cap of USD 1.76 billion, it now ranks 12th in the crypto charts.