Bulls attack again
The bulls will push the BTC over the important USD 12,000 mark on Tuesday, making a statement to the traditional markets. The “digital gold” is performing in a league of its own in the Corona crisis! Due to an increasing trading volume, the chances of sustainably bridging the 12000 limit are relatively good in the current attempt. However, we could just as well experience a violent rebound as in the past attacks. At the same time, ETH climbs to a new annual high, causing the BTC Dominance Index to fall to a new annual low. Many things remind us of January 2018…
Bitcoin course current
At the time of writing, the first mover is quoted at 12001 USD, which represents a daily gain of 2.41%. According to this, the bulls will manage to break through into the 12000 USD range, at least for the time being. Now the coming resistances are at 12100 USD and 12200 USD, shortly after which the annual high is at 12444 USD. On the downside, the bullish traders would like to see the 12000 USD trend line mutate into a new support base. However, it is still far too early for such statements.
Will the BTC hold the level?
The market leader failed several times in the past few weeks with its attacks on the USD 12000 level. As a result, investors often had to accept severe setbacks, and in some cases the leading crypto currency even threatened to fall below the USD 11000 mark. So there will also be a showdown at the contested mark in September.
Ethereum with annual high
Ethereum conjures the best performance out of the top 10 on the crypto floor with a price increase of 9.77%. Thus, the Smart Contract-Coin currently stands at a price of 477 USD and a market cap of approx. 53.6 billion USD. Today’s pump has a direct impact on the BTC Dominance Index, which is falling to a new annual low of 56.6%. Should Ethereum exceed the psychological threshold of USD 500 in the coming hours, the BTC Dominance Index could even reach the 50% mark.
The beginning of a new Altcoin phase?
Do current events indicate the beginning of an Altcoin Season 2020? Ethereum is attracting attention with a new annual high and the DeFi market is booming more than ever. In addition, more and more investors are interested in promising projects like Chainlink and Cardano. After the 1:100 split and the listing on several major stock exchanges, Polkadot makes it into the top 10 and Kraken allows users to boost their DOT units for an annual return of 12%. In short: The big old coins are working at full speed to break out of the slipstream of the No.1 crypto currency. How quickly this could happen, we could observe in January 2018. In a rush, the alternative assets took over. At that time ETH, Ripple and Co. reached unprecedented all-time highs. Is history repeating itself?