The cops are back
The Bitcoin catapults itself with a respectable bull run over the 9000 USD mark and thus sets an important exclamation mark. While the traditional markets suffer from the consequences of the corona virus, the “digital gold” lives up to its reputation as a crisis-resistant “store of value”. We take a look at the current market situation.
Bitcoin price in detail
The No.1 crypto currency climbs to a value of 9106 USD with a price increase of 4 %. The 24-hour volume of just under USD 39 billion underlines the interest of investors; in the past 24 hours, more than USD 10 billion has flowed into the crypto market. From a bullish perspective, the BTC is now heading towards resistance at $9300. As a result, the next hurdles are USD 9400 and USD 9600. On the downside, the USD 9000 mark forms a new support level. The recent bull run also highlights the high volatility rate.
BTC Hash Rate at record level
The Bitcoin network is stronger than ever before. 136 trillion hashes per second speak for themselves and Bitcoin friends are looking forward to the upcoming halving with great excitement. The hash rate is a measure of the computing power in the Bitcoin ecosystem. To ensure security, the miners provide their computing power to enable the network to perform complex computing operations. Besides the current hash rate record, the BTC Dominance Index provides another valuable indicator.
BTC Dominance at 63.8
Many experts see the Dominance Index as an important indicator of the balance of power in the cryptomarket. With a market share of 63.8%, Bitcoin continues to be the dominant crypto currency. All Altcoins share a market share of 36.2 %. Therefore, on Thursday we will look at a familiar picture: Bitcoin sets the tone and the Altcoins follow at every turn. Friends of alternative assets can only dream of an “Altcoin Season” at the moment. Nevertheless, most of the alts on Thursday use the BTC pump for themselves.
In the top 30 almost all coins can record a positive daily chart. The only exception is Chainlink with a price loss of just under 2%. However, due to the outstanding performance in recent weeks, the discreet dip should not disturb investors as much.
With a daily gain of 10%, Tezos delivers the best daily performance in the top 30 and thus further secures its position in the top 10. Meanwhile, Ethereum is climbing above the important USD 230 mark.
With the new weekly high, Bitcoin jumps above the 200-day average and recovers from the setbacks of the past few days. Now the magic 10000 USD mark is again in sight. But first, investors are focusing on the coming resistance at USD 9300. This is also the 50-day moving average. With the positive news from India, the bulls are getting new fuel. The Supreme Court (India) ruled on Wednesday that trading in crypto currencies is legal again. In addition, a legalisation in South Korea is apparently imminent. With this promising news, the No.1 crypto currency is whitewashing the bearish news about the corona virus. The traditional markets are still in a tangible crisis.