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.
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.