Bitcoin overcomes important border
The resistance at 6800 USD has dropped. In the fourth attempt the bulls roll over the stubborn border. Now the Bitcoin is circulating at a new 3 week high and reaches a level last seen before the outbreak of the coronavirus pandemic. Many Altcoins start even better into the new week. We take a look at the events at the crypto market.
Bitcoin course in detail
At the time of this article, the No.1 crypto currency is at a rate of 7130 USD. This means that digital gold has reached a new 3-week high, which could rise even further in the coming hours if Bitcoin can sustainably confirm the outbreak. The high volatility could collide with investors’ FOMO (fear of missing out) and create a new bull run. For days now, the promising predictions of self-proclaimed experts have been increasing noticeably. Not infrequently, they attest the BTC a new all-time high in 2020, but such predictions should be treated with caution.
Buterin about predictions
Predictions by so-called experts are a big problem in the crypto world. Again and again, certain people exploit their reach to influence their followers. For some time now, various communities have been demanding uniform rules or “accountability”. In his latest tweet, ETH co-founder comments on the discussion as follows “Therefore, I think it is a good custom to dig up overconfident predictions that people made 2-5 years ago, which turned out to be terribly wrong, and laugh at them. We need at least a social incentive to say things that are reasonable, and we need to be reminded of everyone’s fallibility’. However, Buterin herself admits a partial debt. When a user addresses the failed ETH roadmap, Buterin replies: “I agree that I was wrong in many [points] of it!
Ethereum is booming again
Speaking of Ethereum… With a price increase of a whopping 13%, the Smart Contract Coin made the biggest leap into the top 10 this Monday, and is currently trading at around USD 161. Behind this, Stellar (approx. 17 %), EOS (approx. 12 %) and Cosmos (approx. 13 %) are able to attract attention. The Bitcoin Dominance Index currently stands at 64.6 %, but the alternative assets are still able to regain small market shares.
Total market capitalization again over USD 200 billion
Investors are pumping fresh capital into the crypto market on Monday. As a result, the total market capitalization jumps back above the USD 200 billion mark. However, the correlation to the traditional markets should not be ignored.
Stock markets get off to a good start this week
There is good news from the major stock exchanges: The Down Jones is jumping up by almost 1000 points, the DAX is breaking the 10000 point mark and the Nikkei is recording an increase of about 5%. Due to the current situation, however, it is still far from being possible to speak of a reversal of the trend.