Bitcoin bulls attack further
The bulls get an impressive start into the weekend. With an annual high of USD 16463, the market leader announced serious ambitions for a new all-time high on Friday. While the BTC Dominance Index rises to a new 5 month record, the total market capitalization is approaching the 500 billion mark. This fresh capital will also benefit alternative assets, which will make a respectable leap forward on Friday. We take a look at the current market situation.
At the time of this article, the No.1 crypto currency is at a rate of 16122 USD, which is a daily increase of 1.28%. According to this, the 16000 USD mark is mutating into an important support area. A base that the bulls could use for attacks on new records. In a first attack, the price reached a top of USD 16463 in the morning on some stock exchanges.
Therefore Bitcoin could reach a new all-time high
The bull fights with enormous force against the pressure of the sales. Only rarely in the past did the “digital gold” move above 15000 USD. However, this level also brings advantages. Due to the encapsulation from the traditional markets, we are experiencing high volatility, which, combined with the current hype, mutates into a highly explosive mix. The third Bitcoin Halving Event occurred in the early weeks of the coronavirus pandemic. In a rush, the traditional markets and crypto space rattled south in March. Will we experience the fundamental benefits of halving only in the 4th quarter of 2020?
What are the traditional markets doing?
The traditional markets are getting an excellent weekly close. This means that the S&P 500 (+1.02%) and Co. of the leading digital currency, despite the lower correlation, provides a solid foundation for a possible price rally.
Altcoins remain stable
The alternative assets follow the first mover again with a certain delay. Ethereum (current price: USD 469.77) is approaching the important USD 500 mark with a daily gain of + 2.60 %. With the upcoming ETH 2.0 update, the Smart Contract-Coin should attract investor interest in December. Further behind, Ripple, “the bitcoin of the banks”, can shorten the gap on the podium with a price gain of + 4.03 %. With an uptrend of 9.54 %, Litecoin recorded the largest increase in the top 20 of the crypto charts. This places “digital silver” in 7th place, and at the time of this article the Bitcoin Dominance Index is 64.8%. The alternative assets follow the Bitcoin without independent initial sparking. Much reminds of December 2017…