Tension is in the air
After an impressive price rally, the “digital gold” consolidates on Sunday, while countless users are eagerly awaiting the next attack by the bulls. The future US president Joe Biden could take a more positive attitude towards cryptos than his predecessor Donald Trump. Only recently the US senator Cynthia Lummis expressed herself very openly to the topic Bitcoin adaptation. In a TV interview she said the following:
“Our own currency inflates; bitcoin does not. 21 million bitcoin will be mined, and that’s it. It’s a finite supply, so I have confidence that this is going to be an important player in stores of value for a long time to come.”.
Bitcoin receives support from $16000 USD mark
At the time of writing, the first mover is quoted at USD 16036, which represents a daily gain of 0.18%. According to this the bulls allow themselves a well-deserved break from the turbulent previous days on Sunday. Should the USD 16000 mark become a support zone in the long term, this would be an important basis for attacks on the all-time high. In the past 24 hours, BTC units worth around USD 26 billion have been traded. This is an extremely high volume for a Sunday when the market leader is moving sideways. This interest illustrates that many investors are betting on upcoming chart movements.
Bitcoin dominance increases on Sunday
The Bitcoin Dominance Index is considered an important indicator to determine the relationship between the leading crypto currency and alternative assets. On Sunday the index is at a value of 64.7%. According to this, about USD 297 billion of the total market capitalization (about USD 459 billion) is in BTC investments.
Ethereum with slight losses
Ethereum (- 1.07 %) on Sunday dampened hopes that the USD 500 mark would be broken quickly. Nevertheless, the Smart Contract Coin remains the greatest source of hope for a possible Altcoin Season 2020, with the imminent switch from proof of work to proof of stack becoming the focus of investors’ attention.
A look at the Altcoins
Ripple, the “Bitcoin of the banks” can register the best performance of all Top 10-Coins on Sunday again. With a daily plus of 1,30% the Kryptowährung of Ripple labs Inc. reduces the distance on the podium. Far behind it goes for Monero (+ 1.73%) and TRON (+ 1.23%) and Uniswap (+ 9.32%) upwards.