The Bitcoin experiences a good start into the weekend. The bulls are launching the next attack on the important 12000 USD border in these hours and new traders are entering the market. At the same time Ethereum is pushing the accelerator pedal and the Bitcoin dominance is sinking to a 1-year low. Are these the harbingers of a new Altcoins Season? We take a look at the current market situation.
Bitcoin price current
At the time of writing, the No.1 crypto currency is trading at a rate of 11822 USD, which is a daily gain of 2.58%. Accordingly, the bulls are once again camping in front of the robust USD 12000 mark. Further up, the previous annual high is USD 12045. In the past few days, Bitcoin has experienced some violent ricochets after briefly crossing the USD 12000 mark. Currently, the next resistances are at 11800 USD and 11600 USD.
Ethereum shoots north
For the most famous Altcoin there is currently only one direction, steeply upwards. With a respectable price increase of 12.04 %, the Smart Contract Coin is about to cross the 450 USD line (current price: 443 USD). The market cap (around USD 50 billion) has more than doubled in the past weeks. The booming DeFi market and the successful testnet launch are benefiting ETH and investors are looking forward to further milestones. As a result of the current bull run, the BTC Dominance Index has fallen to a new annual low.
Altcoin Season 2020?
The Bitcoin Dominance Index falls to an annual low of 58% on Friday. Due to the impressive performance of Chainlink and the rapid rise of Ethereum the chances for a new Altcoin Season are growing. After the third Bitcoin Halving, more and more users are looking at the alternative assets that are currently meeting optimal conditions. The first mover was able to isolate itself from the traditional markets and break through the magic 10000 USD barrier, while the Altcoins in the slipstream benefited from the price gains. Now the total market capitalisation could be redistributed.
What are the other Altcoins doing?
Chainlink can defend its 5th place in the crypto charts even on Friday. At the time of this article the Oracle Coin is at a price of 16.75%. At the same time Ripple climbs above the important 0.30 USD limit, something is happening at the “Bitcoin of the banks”. After a few hours on Friday, Tezos drops out of the coveted Top 10 of the crypto ranking. With a price loss of – 5.45 %, XTZ falls back to position 13.