Bitcoin consolidated on Monday
Bitcoin oscillates between two groundbreaking boundaries and investors are taking a wait-and-see approach. The beginning of the new month brings with it many open questions. Can Bitcoin penetrate the five-digit USD range? Are we seeing the long-awaited launch of “Ethereum 2.0”? And how does the correlation to traditional markets influence the crypto-space. Questions about questions… We are looking for answers!
Bitcoin course in detail
At the time of this article, the No.1 crypto currency is trading at a rate of 9585 USD, which is a daily gain of 0.85%. The trading volume of approximately USD 28 billion is not enough for the bulls to make a successful attack on the resistance at USD 9600. The USD 10000 mark is in direct sight, but the buying power is lacking. From below, the trend line at $9400 continues to provide reliable support.
What is the next move?
Less than 3 weeks after the halving, the ecosystem has recovered from the aftermath. Bitcoin has risen by almost USD 1000 since the coin rewards were halved. The bullish forecasts have therefore only come true to a limited extent, but one cannot speak of a “boom”. The tense situation of the global economy seems too uncertain. The coronavirus has been raging across the globe for just under a quarter. The BTC was only partially able to live up to its reputation as a crisis-resistant “Store of Value”. With a total market capitalization of approximately USD 270 billion, the crypto space is too dependent on the major stock indices.
In exactly this crypto-space, the question of the market leader can be clearly answered. With a BTC Dominance Index of 65.2 %, “digital gold” is the dominant. Last week, however, coins such as Theta, Cardano and Maker were able to record independent price breakouts. The launch of Ethereum 2.0 was announced several times recently for the end of June. ETH 2.0 developer Justin Drake commented in a Reddit AMA (Ask me anything) on the schedule of ETH 2.0 as follows:
“I am sure that we will start in 2020 […] Phase 0 will certainly start in 2020. The audits are over and the test networks are getting stronger every week. I do not see any reality in which phase 0 will not start in 2020“. For years, supporters have been waiting for the change from Proof of Work to Proof of Stake. But the start has been postponed several times in the past. It is quite possible that the launch will fall on the fifth anniversary, June 30, 2020.
Ethereum 2.0 could endanger BTC dominance
Ethereum 2.0, which is also known as Serenity, is meeting with high expectations. The switch could be in direct correlation to a possible Altcoin Season. After the unsuccessful GRAM launch, the ETH project is, besides the Halving Event, the biggest highlight in the crypto year 2020.