Bitcoin over 10000 USD mark
The Bitcoin can exceed the magic limit of 10000 USD on Sunday, for the first time this year. According to this, the bullish predictions of the past weeks are coming true. But where do we go from here? We take a look at current events.
Bitcoin price in detail
With a daily increase of 2.31%, the No.1 crypto currency at the time of this article is at a rate of 10060 USD. In the past 24 hours, investors traded BTC units worth approximately USD 36 billion. This confirms the rising trend of the last few days. The increasing flow of capital becomes even clearer when looking at the total market capitalisation. This rose by more than $25 billion this week and is currently at an annual high of $288 billion.
Reasons for a sustained bull run
A few days ago we reported that the Bitcoin could possibly be in the four-digit USD range for the last time in these days. The third Bitcoin Halving Event is affecting the fundamentals and investor expectations. A lower supply could push the BTC price higher after the halving if demand remains the same or increases. In less than 100 days the miners will mine “only” 900 BTC’s per day. The inflation rate is significantly reduced and is approaching the 2 % mark.
Bitcoin celebrates an outstanding start to the year. With a price increase of more than 30%, the “digital gold” reaches a peak, which was last seen in October 2019. After breaking through the resistance line at around USD 9600, the BTC initially bounced back several times at the USD 9800 hurdle. This turned out to be the last major hurdle before the five-digit range, as predicted by many experts. If the Bitcoin can confirm the new level in the next few hours, the bulls could next attack the resistance at around 10350 USD. The bull run in October 2019 failed at this level, and from a bearish perspective the current support ranges are around 9900 USD – 10000 USD. Further down the ranges around 9600 USD and 9450 USD stabilize the price.
Bitcoin Dominance Index continues to fall
An unusual development: The Bitcoin cracks the five-digit dollar range and the BTC Dominance Index falls. With a value of 63.6 %, the popular indicator is currently only just above its annual low. This could have several reasons. First, the Altcoins have been showing a good side for weeks. The Bitcoin Forks are performing well and Ethereum is moving towards the 250 USD mark. The alternative assets are more volatile than last year, an incentive for many investors. This phenomenon could already be observed in January 2018. After the Bitcoin knocked at the USD 20000 mark, the Dominance Index fell from around 60% to around 30% in a few days. Although it is still far from being a new Altcoin Season, it is worth taking a look at the history.
These Altcoins perform best
On Sunday, Tezos managed to jump to 5th place in the crypto charts with a price gain of over 15%. The KickToken continues the upward trend of the previous days and catapults into the top 30 with a daily gain of about 20%.