The Bull Run continues
If you want to describe the current performance of the leading digital currency, you need an extensive repertoire of superlatives. With an enormous price increase, the bulls catapult the “digital gold” to a new annual high on Wednesday. At the same time, the BTC market capitalization reaches a new record high. After countless “experts” had predicted a catastrophic crash for Bitcoin in 2018 and the crypto space was written off as a burst “bubble”, the shouts of the critics fall silent. But the current Bull Run could just be the beginning…
The No.1 crypto currency climbs to a new yearly high of 18384 USD during the night to Wednesday. However, the bulls cannot hold this level for long at the first attempt. At the time of this article, the first mover is at a value of 17770 USD, which corresponds to a daily gain of + 3.70%. A 24 hour volume of approx. 54 billion USD underlines the great interest of the investors. The investors are preparing for turbulent hours.
These limits are what matters now
From a bullish perspective, the showdown at the 18000 USD mark is coming up in these hours. On the downside, the trend line at $17600 is forming the next support line. However, both areas are only very fragile barriers if we take a look at the high volatility. After the new annual high, it did not take long for the Bitcoin to rattle south by over USD 700. The leading digital currency is jumping from milestone to milestone and the hype goes beyond the borders of the block chain world. It is quite possible that the bulls will set out on their way to an all-time high this week.
BTC market capitalization reaches new record
Speaking of All Time High: On Wednesday, the BTC Market Cap reached a new all-time high with a value of USD 337 billion. Never before has there been more capital in BTC investments. At the same time, the total market capitalization exceeds the important USD 500 billion mark. The course is set for a brilliant year-end rally. Due to the high volatility, fluctuations in the double-digit percentage range are again within the realm of possibility. This should be particularly pleasing to risk-averse traders.
BTC Dominance Index at 66.3
By reaching its annual high, the market leader conquers a two-thirds majority. 66.3 % of the total market capitalization was invested in BTC on Wednesday. While the Mainstram pumps fresh capital into the “digital gold”, the old coins are caught in a dangerous ambush.
Altcoins cannot keep up with the pace
Only few Altcoins the speed of the No.1 crypto currency on Wednesday go along. Ethereum consolidates at $472 USD, while Ripple falls by – 4.14%. Chainlink is the best performing of all the top 20 coins with an uptrend of + 3.77%.