Altcoins use slipstream
The Bull Run continues! After the bulls managed to break through the resistance at USD 18000 in the night to Friday, the Altcoins turn up for the weekend start. Ethereum can record a new annual high with the jump over the important 500 USD mark and coins like Polkadot climb up by about 20%. We take a look at the current market situation.
Bitcoin price on Friday
The bulls are winning the tug of war at the USD 18000 mark and many investors see the all-time high within reach. At the time of writing, the first mover is trading at the USD 18244 mark, a daily gain of 2.92%. At the same time, the BTC market capitalization is at an absolute record high of approximately USD 338.4 billion. More and more investors are finding their way into the crypto space. This is partly due to the market entry of PayPal. But is the “digital gold” really ready for another leap over the magic 20000 USD mark?
These resistances could make life difficult for Bitcoin
From a bullish perspective, the next barriers are now at USD 18400, USD 18750 and USD 19000. Due to the high volatility and a trading volume of around USD 38 billion, a rapid break through these resistances is quite realistic. On the downside, many traders hope that the trend line at USD 18000 will mutate into a long-term support.
All-time high still this week?
The jump above the USD 18000 mark is a powerful exclamation mark in the direction of the critics. Bitcoin last reached the current price level 35 months ago, and the parallels to the market situation at that time can hardly be overlooked. However, after the third BTC Halving, the First Mover appears much more stable, as it lives up to its reputation as a “Store of Value”. FOMO (fear of missing out), whale movements, the hype from the mainstream, a strong S&P 500 and bullish news could push Bitcoin to a new annual or even all-time high in the coming hours, considering the high volatility. The basic conditions could hardly be better at present and the tension rises noticeably. The crypto space is facing a turbulent weekend.
Old coins with enormous price gains
For the alternative assets, the weekend start is steeply uphill. Ethereum manages to break through the important USD 500 mark with a price gain of 6.18 %. The Smart Contract-Coin is currently trading at USD 504.88. Further down the line, Polkadot is attracting attention with an uptrend of 18.23 %. On Friday, most of the Altcoins managed to achieve price gains in the upper single-digit percentage range. This is made possible by the strong performance of the No.1 crypto currency.