Bitcoin with new annual high
A new day, a new annual high. This rhythm describes the current performance of the No.1 crypto currency in a pointed way. Almost daily the bulls can pulverize further resistances and breaking through the magic 20000 USD mark becomes the famous question of time. Few experts would have thought such an uptrend possible in March 2020, when the coronavirus pandemic brought traditional markets and crypto-space to their knees. But now, many indicators speak for a historic crypto-winter. We take a look at the current market situation.
Bitcoin price on Tuesday
Sit down, buckle up! At the time of writing, the first mover is trading at $16711 USD, a 24 hour gain of 3.34%. According to this the Bitcoin could increase in the last 7 days by scarcely 10%. In the night of Tuesday, the current Bull Run culminated in an annual high of 16816 USD. A 24 hour volume of approx. 33 billion USD implies the enormous interest of investors. In a rush, the bulls are breaking through huge barriers, so that now even a new all-time high is possible.
All-time high this year?
The “digital gold” seems to have been unleashed since the PayPal rally and the starting position for a sustained bull run could hardly be better. The digital currency has arrived in the mainstream media and search queries on Google Trends are exploding. Many investors are gripped by the well-known FOMO (fear of missing out), as a certain “last chance” feeling is creeping in. At the same time, news of a second coronavirus vaccine is benefiting traditional markets. As a result, a strong performing S&P 500 is playing into the hands of Bitcoin, despite the lower correlation. Due to the high volatility, price fluctuations in the upper single-digit percentage range are once again the order of the day. This could act as a multiplier for new price outbreaks.
A technical chart outlook
Having reached a new high for the year, the bulls are currently positioned ahead of the resistance at USD 16800. In the past few hours, investors have pumped over USD 20 billion into the crypto market and the BTC is reaching its highest price since January 2018. If the bulls break through the USD 17000 barrier in the coming hours, even a breach towards USD 20000 would be realistic. The downward correction will not take place for the time being, as the trend line at USD 16000 appears to be a reliable support.
Bitcoin Dominance Index now at 65%
With a market cap of approximately USD 310 billion, the BTC Dominance Index is at a value of 65 %. All Altcoins account for about one third of the total market capitalization. Nevertheless, most of the Altcoins benefit from the outstanding performance of the first mover on Tuesday as well.
With a price jump of 10.04%, Ripple recorded the largest price increase of all Top 30 coins. XRP thus reduces the gap to tether. Further back, Litecoin (+ 9.40 %), Polkadot (+ 9.21 %) and Cardano (+ 7.96 %) shine. Ethereum is again approaching the important USD 500 mark with a daily gain of 2.74 %. Currently, the Smart Contract Coin is trading at USD 463.68.