Bitcoin with lateral movement
The crypto market recovers on Sunday from the strains of an eventful week. However, this period of rest should come to a quick end tomorrow when Wall Street opens its doors. The high correlation to the traditional markets is a double-edged sword for the crypto-currencies; time and again, negative prices of the S&P 500 cause violent downtrends in the volatile crypto-space. Especially the old coins suffer enormous damage.
Bitcoin course current
At the time of the article, the leading crypto currency is at a rate of 10606 USD, which corresponds to a daily increase of 0.16%. According to this, the bulls can defend the support area at 10600 USD and look motivated towards the 11000 USD mark. The BTC has repeatedly bounced off this barrier in recent weeks. However, a 24 hour volume of approx. 55 billion speaks for the strong interest of the investors.
How are the traditional markets starting the new week?
The coronavirus infection of US President Donald Trump caused the major stock indices to plunge south on Friday. The S&P 500 ended the week with a minus of 0.96% and the consequences extended into the block-chain world. In a rush, the bears took over and the BTC price fell by over USD 400. Once again, investors witnessed how dependent “digital gold” is on Wall Street. As a result, Monday’s focus will again be on the start of the traditional markets.
When will Bitcoin become independent?
Bitcoin lacks above all capital on its way to a crisis-resistant “Store of Value”. With a market cap of approximately USD 340 billion, the crypto space continues to be a marginal market compared to other markets. After the 3rd Halving Event, some indicators initially spoke in favor of an encapsulation of the leading digital currency. Bitcoin broke through the magic USD 10,000 barrier, while traditional markets had to struggle with the consequences of the coronavirus pandemic. Since the rebound at the USD 12000 barrier, this situation has changed drastically and an end is not in sight. This creates a dangerous chain reaction that can cause unrest, especially among Altcoin friends.
The Bitcoin stares at the traditional markets and the Altcoins follow the Bitcoin at every turn. This is illustrated by a Bitcoin Dominance Index of 57.8%. Almost 196 billion USD of approx. 340 billion USD are currently invested in BZTC investments. Hopes for a timely Altcoin Season are dwindling and independent price outbreaks are considered a real rarity. After a bug in the ETH 2.0 Spadina Testnet, the question arises whether Ethereum can be the driving force behind a future Altcoin rally. However, the booming DeFi market may revolutionize the crypto space in the long run. Almost daily new use cases arouse the interest of investors.
A look at the Altcoins
Ethereum (current price: USD 348.66) is fighting at the important USD 350 mark on Sunday, while Ripple (+ 4.62%) may narrow the gap on the podium. Thus the “Bitcoin of the banks” conjures the best performance of all Top 20 Coins on the crypto parquet. At the same time, most of the Altcoins join the consolidating Bitcoin before the focus shifts to Wall Street on Monday.