Bulls with strong performance
The bulls ignite the turbo and break through an important resistance on the way to the 12000 USD mark. A consolidating S&P 500 plays into the cards of the first mover and many indicators point to an upward trend. Do we see a new annual high this month or are the bears coming back? We take a look at the turbulent start to the week.
Bitcoin price current
At the time of writing, Bitcoin is quoted at USD 11655, which represents a daily increase of 1.87%. This means that the bulls can initially break through the resistance at 11550 USD and 11600 USD. If this trend continues, the next barriers are at 11800 USD and 12000 USD. The trading volume has increased by USD 5 billion in the last 24 hours and Bitcoin is gaining important market share.
Bitcoin dominance index ahead of 60% mark
Currently, the Bitcoin Dominance Index is at 59.2%. According to this, approximately USD 216 billion of the total market capitalization (approx. USD 364 billion) is in BTC investments, while the alternative assets are losing valuable market share. Due to the recent upward trend, investors are focusing on the No.1 crypto currency. This chain reaction is not unusual and some Altcoins may even profit from this development.
S&P 500 in focus
The S&P 500 starts the new week with a minus of 0.14%. Should the famous index continue to consolidate or even rise in the coming hours, this could benefit “digital gold”. Due to the high correlation to the traditional markets, Bitcoin seemed much more stable in the past months and the volatility decreased noticeably. However, we were able to observe in March that this “dependence” can also have disadvantages. At that time, the major stock indices plunged south at a rapid pace as a result of the coronavirus pandemic and the leading crypto currency rattled below the USD 5000 mark. The rising number of new infections and the upcoming US elections were not expected to bring peace to Wall Street any time soon. Many investors are preparing for a turbulent November.
What are the Altcoins doing?
Many Altcoins can profit in the slipstream of the No.1 crypto currency. Thus ETH starts with a daily plus of 1% into the new week. This means that the Smart Contract Coin is approaching the 400 USD mark in large steps (current rate: 379.76 USD). The forthcoming ETH 2.0 launch is considered one of the greatest glimmers of hope for a possible Altcoin Season. However, it remains questionable whether the team will be able to make the transition from Proof of Work to Proof of Stake before the end of the year.
The winners on Monday
Stellar (+6.53%), Monero (+4.25%) and Dash (+4.71%) posted the highest price gains in the top 30 on Monday.