Bitcoin before 9000 USD border
The No.1 crypto currency has a strong start into the new week. With a price increase of about 3 %, the current BTC price is now at 8708 USD. The resistance at 8600 USD – 8650 USD was initially overcome and could now mutate to a new support level. This would provide a solid foundation for an attack on the important $9000 level. We are looking at what is happening in the crypto market.
Bitcoin Forks ignite the turbo
The Bitcoin Forks will fire up the turbo on Monday and cause a falling BTC Dominance Index. Bitcoin Cash (+ 13.87 %) and Bitcoin Gold (+ 15.29 %) even record double-digit gains. Bitcoin Gold was the victim of two 51% attacks over the weekend. Coins in the value of 72000 USD were double booked. So far it is unclear whether the attackers were successful with their attack. At the moment, these attacks have no effect on the share price.
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Ethereum in front of 170 USD mark
Ethereum is currently trading above the USD 170 mark and is climbing about 3.3% on the daily chart. The Altcoin thus confirms the strong start to the year and tests the 200-day line (USD 173). Investors will watch the USD 170 range very closely in the coming hours. The basic conditions for a new uptrend are apparently in place. The RSI is around 50 and the 24 hour volume is just under 10 billion USD.
Battle for the Top 10
A glance at the cryptocharts reveals how close the battle for a coveted place in the Top 10 is between the Altcoins. Stellar, Cardano, Ethereum Classic, TRON, Monero, Dash and Tezos currently separate a market capitalization of less than 200 million USD. With Dash and Monero, two privacy coins are claiming a place in the top 10. For many users, privacy continues to be the focus when it comes to choosing crypto coins.
Overall market stable
The Chinese New Year and the World Economic Forum in Davos do not seem to be reflected in the cryptos. The Altcoins are following the Bitcoin and can use the slipstream to post good gains on Monday. At the moment, the BTC Dominance Index is at 65.7% and the total market capitalization is around 241 billion USD. Now the focus is on the BTC and the USD 9000 limit. With a new annual high, the “digital gold” would create a strong basis for the upcoming halving event.
Elon Musk about BTC
Tesla boss Elon Musk recently spoke in a podcast about the future of crypto currencies. He found that he sees no cash substitute in Bitcoin. He also noted, however, that crypto currencies would play a role in the future. When asked if he shared the opinion that cryptos are being painted in a bad light by illegal use, Musk responded as follows: “This makes the crypto people angry, but there are transactions that are not within the law. And there are obviously many laws in different countries. And usually cash is used for these transactions. But for illegal transactions to take place, cash has to be used for legal transactions. They need a bridge from illegal to legal. That’s where cryptography comes in.”
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