Can the Altcoins take their chance?
The Bitcoin pulls his circles and takes a short break on Saturday. Meanwhile, the Altcoins continue to move into the focus of investors. Many projects are in the starting blocks with promising use cases. The updates from Ethereum and Co. could change the market in the long run.
Bitcoin in sideways movement
The market leader is recovering on Saturday from the strains of a turbulent week. After jumping over the magical USD 10000 mark, it did not take long for the bears to push the price down by over USD 1000. Data from bytetree.com shows how high the volatility is still. Millions of liquidations of long positions may have provided a cautionary example. At the moment, investors’ caution is illustrated by a daily volume of around USD 21 billion. As a result, the bulls could fail with new attacks because their capital strength is too low.
These limits are coming into focus
At the time of this article, the No.1 crypto currency is quoted at 9629 USD, which is a daily minus of 1.12%. The trend line at 9600 USD has proven to be a reliable support area for several hours. Heading north, the bulls are now facing the resistance at 9800 USD. This is the last barrier before another push into the 5-digit USD range. After reaching the 4-month high, it appears that the aftermath of the halving has finally been overcome. However, a renewed dump would put the miners under enormous pressure again.
Altcoins make up ground on BTC
The Bitcoin Dominance Index continues to shrink on Saturday. In order to determine the dominance of a crypto currency, one needs the respective market capitalization, which is then compared to the total market capitalization. The market capitalization is the product of the market price at which the currency is traded and the total number of coins of this currency in circulation. The BTC Dominance Index currently stands at 64.7 %. After halving, a clear two-thirds majority could be observed over a longer period of time. The new figures show that the year for alternative assets is only just beginning.
Promising projects in the background
Even if many investors can only dream of a new Altcoin season at the moment, some projects should not be written off for a long time yet. Cardano shines this week with a price increase of over 30%. Behind it, promising technologies such as Stellar, Tezos and the well-known Privacy Coins (Monero, Dash, ZCash) cavort. With the launch of Ethereum 2.0, the crypto-space could change forever. In addition, you should take a look at Dapp giant TRON next Monday.
Justin Sun announces an “exciting project” and causes a sensation in the TRX community. The first users quickly speculate about new details about the long awaited Tron 4.0 project. In addition, new partnerships ensure an increasing adaptation of the Web 4.0 token. New details about the project will be released on June 8th.
Justin Sun is considered one of the most dazzling people in the crypto space. The marketing strategist loves to polarize. Whoever pays 4.5 million USD for a lunch with Berkshire Hathaway CEO Warren Buffett usually knows how to market himself as a person. As the leading mind behind TRON and BitTorrent, the 29-year-old entrepreneur can already look back on an impressive career. Not infrequently, he has been at the limits of permitted marketing. Again and again, users criticize the disreputable “Announcement of the Announcement” strategy.