Will Bitcoin break the USD 12,000 mark?
The Kryptos get a good start to the week and the cops focus on the 12000 USD mark? If the market leader climbs above the previous year’s high, even a breakthrough to the 14000 USD mark would not be unrealistic. At the same time, more and more experts see the beginning of an upcoming Altcoin season. The Bitcoin Dominance Index falls to a new annual low on Monday. We take a look at the current market situation.
Bitcoin Price on Monday
At the time of writing, the No.1 crypto currency is trading at a rate of 11912 USD, which represents a daily gain of 1.03%. Traders’ eyes are therefore once again focused on the important resistance at 12000 USD. A long term breach could pave the way for a new bull run. However, the trading volume (current value: approx. USD 21 billion) continues to drop. If purchasing power is lacking, the bulls could run out of steam. A similar picture could be seen in July before the magic USD 10000 mark. Again and again, the attacks failed and the trading volume dropped in places to below USD 15bn. On the downside, the trend lines at USD 11800 and USD 11600 are currently forming the new support lines.
Old coins make up ground
The Bitcoin Dominance Index falls to a new year low of 58.3% on Monday. Ethereum can apparently confirm the jump over the 400 USD in the long term. At the moment, the Smart Contract-Coin is at a price of 430 USD and a market capitalization of about 48 billion USD. With 1.20 million transactions, the ETH network reaches its highest value in 2 years. The main trigger for this is seen as the flourishing DeFi market. New technologies and promising use cases are entering the market almost daily, running on the Ethereum block chain. Ethereum is considered the most important driving force for a possible Altcoin Season. However, the Coin gets a lot of support.
Link as top performer
Chainlink can apparently easily defend the gains of the past weeks. The chart is pointing sharply north and the USD 20 is close to reach. Chainlink interacts as a decentralized network with the goal of making smart contracts on the block chain compatible with the real world. The project uses so-called Oracle Contracts. Through “Oracles” it is possible to feed external data records into the block chain. A technology that acts as a transmitter between several worlds. With a market capitalisation of USD 6.7 billion, Chianlink is considered a great beacon of hope for an Altcoin Season.
The top performers on Monday
In the top 10, Litecoin recorded the largest daily gain with a price increase of 5.81%. Further down the line, TRON (+ 19.33 %), Aave (+ 15.99 %) and Ontology (+ 11.72 %) are particularly striking. More and more Altcoins manage to jump off the first mover, but the question arises how the situation changes when the bears take over.