BTC + 4 %
The market leader gets a good start into the new week and after several days is able to position itself again above 10600 USD. The breakout is a statement from the bulls, who are struggling to stay in the five-digit USD range. But the alternative assets are also profiting from the upward trend of the first mover. In this context, 3 Altcoins stand out in particular. We take a look at the current market situation in crypto space.
Bitcoin price current
At the time of writing, the No.1 crypto currency is at a rate of 10694 USD, which is a daily gain of 3.73%. According to this, the bulls manage to jump over the resistances at 10400 USD and 10500 USD. The next largest barrier is the resistance at around 10800 USD. At the beginning of the week, the daily volume (BTC) is at a value of approx. USD 38 billion, which means that the purchase capital for a bull run would be available. But how does the BTC compare to the other markets?
Does the BTC correlate more strongly with the traditional markets?
The S&P 500 opens the week with a 1.65% gain. Over the past week, experts repeatedly pointed to a growing correlation between the BTC and the well-known stock indices. The current price trend does not contradict this interpretation. The gold price also rose by 0.85 % on Monday. As the number of new corona infections is increasing worldwide, many investors are fleeing to “safe havens”.
What are the Altcoins doing?
At the beginning of the week, the BTC Dominance Index falls to 56.4%. The alternative assets can again gain important market share, although the market leader is showing a strong performance. Polkadot stands out from the crowd with a bull run of 10.29 %. Due to the respectable upward trend, the multichain coin positioned itself on Monday at position 5 of the crypto charts. Further down the line, NEO (+ 11.58 %) and yearn.finance (+ 16.31 %) are attracting attention. YFI climbs into the top 20 of the crypto charts at a rapid pace and is currently trading at USD 39769. The DeFi-Coins experience an excellent start to the week. In combination with promising projects such as Polkadot, Chainlink and BNB, they could act as driving forces for a new Altcoin Season.