Bitcoin reaches new best value
The wait is over! The No.1 crypto currency reaches a new all time high at the start of the week on several major exchanges and the total market capitalization exceeds the 550 billion USD mark. Nearly 3 years after the “Crypto-Winter 2017”, the “digital gold” has once again silenced its critics. Now it comes to a showdown at the 20000 USD mark.
All-time high on octopus and bithumb
At the time of writing, Bitcoin is quoted at USD 19711, which represents a daily increase of 8.55%. According to this, the market leader on stock exchanges like Kraken and Bithumb reaches a new record price. At the same time, the magical USD 20000 mark is coming into sight and many indicators point to a sustained bull run. First of all, a 24-hour volume of approximately 45 billion USD illustrates the enormous interest of the users. Furthermore, the OKEx dump from the previous week may have provided a healthy correction. Many users took profits to cover their mining costs, others fell victim to the FUD (fear, uncertainty and doubt).
On these borders it depends now
After breaking through the all time high, the No.1 crypto currency is approaching the magical 20000 USD mark with big steps. Currently, the last resistance before this barrier is at 19800 USD. On the downside, the bulls are hoping that the trend lines at 19600 USD and 19400 USD will mutate into new supports. Due to the high volatility, however, it is worthwhile to zoom out further on the charts. In this case, the next, bigger supports are at 19000 USD and 18400 USD.
Bitcoin in the focus of investors
Logically, the focus of investors is shifting to Bitcoin in these hours. This is reflected in a BTC Dominance Index of 62.7%. According to this, approximately USD 360.3 billion of the total market capitalization (approx. USD 575.6 billion) is invested in BTC investments, while alternative assets share a market share of 37.3 %.
How do the Altcoins react to ATH?
The Altcoins can profit in the slipstream of the term mover and record their own price gains. Ethereum puts itself in an optimal position for the upcoming launch of ETH 2.0. Before the Beacon Chain goes live on December 1, the Smart Contract-Coin (+ 10.06%) will be quoted at USD 610.99 on Monday. Further down the line, especially the Bitcoin Forks will benefit from the impressive price rally. Thus Litecoin (+ 15.83 %) and Bitcoin Cash (+ 11.78 %) are able to celebrate the biggest price increases in the Top 50.
What happens now?
After reaching a new all-time high, the starting position for December 2020 could hardly be more exciting. While the BTC bulls are targeting the magical USD 20000 mark, the ETH friends are looking forward to the long-awaited change from proof of work to proof of stake. The question also arises as to how the big players and whales will react to current events.