The No.1 crypto currency settles down on Saturday at a value of about 6800 USD. For weeks the digital gold has been biting its teeth at this resistance. A jump over the 7000 USD would be an important sign for the entire market. We take a look at the current situation.
Bitcoin exchange rate in detail
At the time of this article, the BTC is quoted at USD 6780. This corresponds to a daily increase of 0.78 %. In the past 24 hours, the trading volume fell by a whopping USD 10 billion. Many investors are watching the current situation very closely. Should the bulls continue to push the market forward and break through the USD 7000 barrier, Bitcoin would reach the level of days before the Corona crisis. At the moment, investors in the traditional markets can only dream of a similar comeback.
Bitcoin Halving moves closer
The Bitcoin loves the 2nd quarter. Since 2015, the digital currency has shown an average return on investment of about 66 % in the months from April to June. In addition, the third Bitcoin Halving Event is increasingly moving into focus. In about 40 days the Mining Rewards will be halved. The Halving is an integral part of the Bitcoin system and is implemented in the first block, the Genesis block. According to this, the Miner Rewards will be halved after 210000 mined blocks in order to keep the inflation rate of the crypto currency in check for the long term. The current reward for the miner is 12.5 Bitcoin per block mined and will be reduced to 6.25 Bitcoin per block for the upcoming halving.
Bitcoin dominance at 65 percent
The Bitcoin Dominance Index is considered an important indicator to determine the balance of power between Bitcoin and alternative assets. Currently this index is at a value of 65.1%. With the upcoming Bitcoin Halving Events the Bitcoin could even further displace the Altcoins. Even now, independent price outbreaks of the Altcoins are an absolute rarity. Ethereum and Co. have been attaching themselves to Bitcoin for weeks.
Is there hope for an Altcoin season?
The last Altcoin Season is now almost 2 years ago and many experts assume that this market situation will not change that quickly. The Libra launch, the GRAM token and Etherum 2.0 were considered promising hopes, but all projects have to struggle with enormous difficulties. Things have become quiet around Libra, GRAM recently suffered several defeats in court, and the ETH 2.0 launch seems to be delayed.