Bitcoin over 8400 USD
Bitcoin is expected to end the week above the 8400 USD mark. Thus the bear market is fended off for the time being. After the rebound on the 200-day line, many experts initially forecast a fall below the 8000 USD mark. In addition, the Chinese New Year also caused concerns among some investors. We take a look at the current market situation.
Bitcoin in detail
At the time of writing, the Bitcoin is valued at USD 8489. This meant a price increase of about 1.70% in the daily chart. The support level at the 8400 USD limit therefore seems to be holding. From a bullish perspective, the No.1 crypto currency could now attack the area around the 8650 USD and break through the next resistance level.
Bitcoin Dominance Index unchanged
This week the Bitcoin Dominance Index has settled at a level of approx. 66%. With a market capitalization of approx. 154 billion USD the “digital gold” still claims a narrow two-thirds majority over the remaining Altcoins. The upcoming halving event and the taproot upgrade could fuel this development even further in the coming months. For the Altcoins there are also rays of hope on the other side.
Altcoins with a good weekend
Most of the Altcoins have a positive weekly closing today, Sunday. In the top 20, Bitcoin Cash (+ 10.20 %) and Dash (+ 11.68 %) in particular stand out with price increases in the double-digit percentage range. Ethereum defends the gains from the previous week and Bitcoin SV recaptures 5th place in the cryptocharts. In general, the top 30 Altcoins are rising today without exception. This illustrates the strong dependence on Bitcoin. The current dominance ensures that outbreaks are becoming a real rarity.
Results from Davos
In Davos, the World Economic Forum announced a consortium for the monitoring of cryptocurrencies. As a result of this announcement, the BTC climbed by just under USD 200. There is no solution to the long-term topic “Regulations in Cryptospace”, nor are there any negative headlines on the topic of blockchain. Pessimists could interpret this as a laborious delay, while optimists see the decision as an important step towards acceptance and adaptation.
Chinese New Year
This year, the celebrations for the “Year of the Rat” give way to concerns about the coronavirus. Public celebrations have been cancelled and entire cities are in a state of emergency during these hours. In the run-up to the event, statistics from previous years circulated through Kryptospace, pointing to a direct connection between the holiday and the Bitcoin course. However, these were not confirmed this weekend.
Changpeng Zhao, for his part CEO of the Chinese crypto stock exchange Binance, assures the victims of the coronavirus 10 million RMB (1.5 million USD). In a tweet, Zhao comments as follows: Binance pledges 10 million RMB (1.5 million USD) to help the victims of the #Coronavirus.we have made no announcements. But the BCF/Binance team has been very busy in the last few days. We still need help to organize the logistics on site.