Bitcoin on the way to an all-time high?
The Hype is real! The bulls attack the resistance at 16000 USD with all their might and conquer a new annual high. At the same time, there are more and more voices saying that the top currency is advancing into the six-digit USD range. So far, the market leader has only been able to achieve the current level in December 2017. Are we approaching a historic crypto-winter or are the supports collapsing under the pressure of sell-offs? We take a look at the current market situation.
Bitcoin price on Thursday
At the time of writing, the first mover is trading at a rate of USD 16039, which represents a daily gain of + 2.81%. After several ricochets, the bulls thus manage to jump over the stubborn resistance at 16000 USD. On some stock exchanges, the No.1 crypto currency climbs to a new annual high of approx. 16178 USD. A trading volume of approx. 34.4 billion USD illustrates the enormous interest of investors. Good conditions for a sustained bull run.
The triumphal procession continues
After the encapsulation from the traditional markets, it seems that the “digital gold” only knows one direction. Every week, the limited digital currency conquers one year high after another. At the same time, the turbulent US elections flushed new capital into the block-chain space. With a total market capitalization of USD 457.42 billion, the crypto market is developing into a serious sector, even by international standards. Many investors will probably still be aware of the vehemence with which the strong fluctuations could affect prices in 2017. It is therefore no wonder that more and more mainstream investors are currently subject to the famous FOMO effect.
These are the limits that will have to be reached in the next few hours
After jumping above the USD 16000 mark, investors are now focusing on the resistance at around USD 16175 and USD 16250. On the downside, the $16000 level would mutate into a major support from which the bulls could launch new attacks on the $20000 level.
Bitcoin dominance now at 65
After the new year’s high, a rising BTC Dominance Index is no surprise. Currently, approximately USD 294 billion of the total market capitalization (approx. USD 457 billion) is in BTC investments. This means that the first mover continues to overshadow the alternative assets.
Are the Altcoins moving with them?
Only a few minutes after jumping over the important USD 16,000 mark, only a few Altcoins can keep up the pace. Ethereum (- 0.69%) is trading at 457 USD at the time of this article. This means that the Smart Contract Coin is holding within sight of its high for the year (USD 487). Further down the line, however, many assets are losing ground. Coins such as Chainlink (- 2.83 %), Monero (- 3.18 %) and NEM (- 2.91 %) have to be demolished first.