Veröffentlicht: 05.10.2020

Hope for rapid Trump recovery lets Bitcoin shoot up

Good start into the week

The condition of US President Donald Trump has apparently improved in the night to Monday. Hopes for a speedy recovery are benefiting the S&P 500. And also for the leading crypto currency it goes to the week start upward. We take a look at the current situation on the crypto market.

A look at the Bitcoin

At the time of writing, the first mover is quoted at 10732 USD, a daily gain of 1.17%. Due to the high correlation to the major stock indices, Monday is becoming one of the most important days in the crypto world. Only 2 weeks ago, restrained economic forecasts and rising new coronavirus infections had caused a real “bloodbath” among the Altcoins.

Bullish mood

With Donald Trump’s doctors reporting a good course of his Covid 19 disease, the S&P 500 opens the new week with a 1.35% uptrend. Investors are not only in a buying mood on Wall Street, prices are also climbing on the crypto-market. The 24-hour volume increases on Monday to a value of approximately 57 billion USD. From a bullish perspective, the market leader could attack the resistance at 10800 USD in the coming hours. On the downside, the trend line at $10,600 appears to be a more stable support level.

Bitcoin Dominance Index unchanged

Also on Monday we can observe a BTC Dominance Index of 57.8 %. According to this, investors are focusing on Bitcoin and the alternative assets have their hands tied. However, there is news from Ethereum. Vitalik Buterin ETH Magicians Forum comments as follows: “The eth2 roadmap offers scalability, and the earlier phases of eth2 are approaching quickly, but base-layer scalability for applications is only coming as the last major phase of eth2, which is still years away. In a further twist of irony, eth2’s usability as a data availability layer for rollups comes in phase 1, long before eth2 becomes usable for “traditional” layer-1 applications. These facts taken together lead to a particular conclusion: the Ethereum ecosystem is likely to be all-in on rollups (plus some plasma and channels) as a scaling strategy for the near and mid-term future.

What are the Altcoins doing?

Ethereum climbs above the important 350 USD mark on Monday (current price: 353.10 USD), while Ripple again puts in a strong performance on the crypto floor with a price gain of 3.99%. Most of the old coins have seen smaller price gains. However, coins such as IOTA (- 0.84 %), UNI (- 5.1 %) and Celsius (- 4.61 %) continue to decline.

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