The No.1 crypto currency jumps over the magic 10000 USD mark, making an important statement. After several failed attempts, the bulls overcome the psychological barrier and the Altcoins move along. We take a look at the current events in the crypto space.
Bitcoin reaches highest value since mid February
When the consequences of the coronavirus pandemic pulled the traditional markets down in March, “digital gold” plunged below the USD 5000 mark. The high volatility turned out to be a double-edged sword. After an enormous dump of over 40%, Bitcoin recovered much faster than other markets. In May, the consequences of the pandemic were equalized on the charts. Bitcoin has been in the 2nd quarter for years. The aftershocks of the halving are finally over and many indicators speak for a continuing bull run. The following trend lines are moving into focus.
These goals are now moving into the focus
After the price breakout shortly after midnight, the BTC is currently at a value of USD 10122. This represents a 24-hour plus of a whopping 6 %. Within a very short time, investors pumped over USD 10 billion into the market leader. With a market cap of around USD 39 billion, the bulls can now rely on a certain purchasing power. From a bullish perspective, the next resistances are at $10200, $10,500 (peak in February), and $10,600. On the downside, the main support lines are now at 10000 USD and 9800 USD.
Hype and FOMO could push BTC
After bridging the magic boundary, the mainstream increasingly reports about the No.1 crypto currency. Many investors see the currency as a crisis-proof store of value with a low inflation rate of 1.8%. Other investors could be infected by the new hype. A phenomenon we commonly refer to as “Fear of Missing out” (FOMO). The fear of missing the next bull run pushed Bitcoin above the USD 20000 mark in December 2017. But beware: Panic investing is no substitute for fundamental analysis.
What are the Altcoins doing?
Ethereum and Co. can use the pump of the first mover for their own price gains and participate in the slipstream. Stellar (+ 8.79 %), NEO (+ 10.83 %) and Crypto.com Coin (+ 9.16 %) stand out from the mass of alternative assets. Ethereum (current price: USD 247.95) is approaching the important USD 250 mark with big steps, while Ripple is defending its podium position. Currently, the BTC Dominance Index is at 65.8%.