Bears take over
After several hours, the bulls have to drop the sails at the 12000 USD mark. Most Altcoins are hit even harder on Friday. In the long term, however, many indicators point to a sustained bull run. At the same time, reports are reaching the crypto-space that Goldman Sachs is planning its own stable coin. We take a look at the current market situation.
Bitcoin price current
At the time of this article, Bitcoin is quoted at USD 11730, which represents a daily increase of 0.32%. According to this, the market leader can record a slight recovery after the price dumped to around 11500 USD yesterday. From a bullish perspective, the resistance at 11800 USD is now coming into focus, followed by the 12000 USD barrier further up and shortly after that the previous year’s high. On the downside, the trend line at the 11600 USD level forms the next support. Currently, the 24-hour trading volume is around USD 21 billion.
Bitcoin Dominance Index declines
The Altcoins keep catching up. Thus, the BTC Dominance Index on Saturday is at a value of 61 %. According to this, approximately USD 216 billion of the total market capitalization is in BTC investments. Ethereum falls back below the important 400 USD mark (current price: 389.43 USD) and the Bitcoin Forks follow the first mover at every turn as usual. But there is one exception: Chainlink!
Chainlink shoots to 8th place in the crypto charts on Saturday with a 7.80% gain. This means that LINK is not only recording the biggest upward trend in the top 30, but also a new top value of USD 10.82. Since the beginning of the year, the Oracle coin has increased in value by over 400 %. The impressive figures raise hopes that LINK could act as a driving force for a possible Altcoin Season. There has been no sign of a dependence on Bitcoin for weeks.
Goldman Sachs with its own Stable Coin?
On Friday, news reached the crypto space that financial giant Goldman Sachs was flirting with the production of its own stable coin. According to the reports, the company has changed its attitude towards cryptos. It remains to be seen whether the rumors will become more concrete in the coming days. If the reports are confirmed, this would mean an immense step towards adaptation.
The bulls will not be shaken off on Saturday either and Bitcoin could run up to a new annual high in the coming hours. More and more investors are fleeing in search of crisis-stable assets in gold or Bitcoin. After the months of consolidation, traders can look forward to eventful weeks.