Bitcoin again five digits
The up and down goes on. After Bitcoin suffered a heavy dump at the beginning of the week, there was initially much to suggest a consolidation phase. However, the bulls entered the market on Wednesday and pushed the No.1 crypto currency above the magical 10000 USD mark. We take a look at the current events in the cryptospace industry.
The Golden Cross could have a big part in the current price rally. As we mentioned yesterday, the golden cross describes a chart situation where the 50-day line (MA 50 ) and the 200-day line (MA 200 ) cross in a certain constellation (the MA 50 comes from below in this case). In the past, such a formation often proved to be a bullish indicator. After the recent cross, the BTC price rises by more than USD 700 in a few hours.
Bitcoin price in detail
At the time of this article, the BTC price is at a value of 10149 USD. The 10000 USD barrier was crossed after sustainably bridging the resistance at 9850 USD. From a bullish perspective, a renewed attack on the long-term resistance at $10,500 is now quite realistic. A 24-hour volume of just under USD 50 billion implies the enormous interest of investors.
Reasons for a bull run
In addition to the technical chart indicators, there are several reasons for a sustained price rally at the moment. The third Bitcoin Halving Event is just around the corner and the mainstream media are increasingly reporting on “digital gold” these days. Search queries for the term “Bitcoin” are at a record level and the total market capitalization is moving in large steps towards the USD 300 billion mark. FOMO (fear of missing out) and hype outweigh the pessimistic chart forecasts. It could look worse for Bitcoin.
BTC dominance at 62.4
The Bitcoin Dominance Index is considered an important indicator to determine the balance of power between the No.1 crypto currency and alternative assets. With a value of 62.4%, the BTC is clearly setting the tone these days, even though the Altcoins are winning back more and more market share. In general, it can be stated that the Altcoin will act much more independently in 2020 than in the previous year.
Altcoins are rising
The Altcoins continue to deliver a strong performance today. Ethereum has jumped above the USD 280 mark with a price gain of just under 7% and the DeFi exposures are gradually being forgotten. Investors are accumulating huge amounts of Ethereum, and it would come as no surprise if the USD 300 mark were to be broken soon. Tezos once again conjures up the best performance (in the top 10) on the crypto floor with a price gain of around 12%. With this, XTZ consolidates its position in the coveted Top 10, the current price is at a value of 3.73 USD.
On Wednesday, Bitcoin again managed to jump into the five-digit dollar range and the Altcoins continue to rise. The bulls dominate the market and the total market capitalization is approaching the 300 billion mark.