Ripple + 15
The Bitcoin continues the outstanding performance of the previous days and the bulls are approaching the 12000 USD mark with big steps. At the same time, most of the Altcoins are profiting in the slipstream and recording enormous price gains. The giant has awakened and the DeFi market is booming. Compared to 2017, many boundary conditions have changed, making the block chain market appear more mature and stable. We take a look at the current market situation.
Bulls stay on the trigger
At the time of this article, Bitcoin is quoted at USD 11698, which represents a daily increase of 3,57 %. The trading volume of about 25 billion USD could be enough to maintain the level of the previous days. From the bullish perspective, resistance at USD 12000 is coming into sight. On the downside, the trend lines at $11600 and $11400 are the new supports. It is a dream start to the month of August. The disconnection from the traditional markets could hardly be better timed. After the bullish price trend in July, new investors are pumping fresh capital into the market and hopes for new highs have been rising since reaching the high for the year at the latest.
Bitcoin more mature?
At the moment, much reminds us of the golden December 2017, when the bulls pulverized all resistance in passing on their way to an all-time high. Market capitalization exploded to half a trillion USD and the hype spread into the mainstream. However, it was not long before the first doubts arose. The largely unregulated crypto market was considered a playground for risk-averse traders, countless ICO scams scratched the reputation of cryptos, and FUD covered the real fundamentals of digital currencies like a dark veil. In recent years, the crypto-space has matured. After the third BTC Halving Event, the market leader seems more advanced and stable than it was then. Many investors exchange their FIAT money for the “Store of Value” out of conviction. Quite a few experts consider it realistic to break through the USD 20000 mark in the coming weeks.
Bitcoin dominance declines
The Bitcoin Dominance Index is considered an important indicator to illustrate the balance of power in crypto-space. Currently, approximately USD 215 billion of the total market capitalization (approx. USD 351 billion) is invested in BTCs. This results in a BTC Dominance Index of 61.5 %. According to this, the Atcoins can also regain important market shares on Saturday. Ripple is approaching the USD 0.30 mark with a price gain of about 15 %, while Ethereum is heading straight for the USD 400 mark. Many Alts have already reached a new annual high. Now we will see if the alternative assets are ready to start an independent Altcoin Season.