How does the BTC start the weekend?
After the PayPal rally, the 13000 USD mark proves to be a reliable support for the No.1 crypto currency. While the BTC Dominance Index climbs to 63.5%, we are experiencing another change. Volatility is back and daily price fluctuations are replacing the weeks of consolidation. This is not least due to the fact that the market leader is increasingly isolating itself from the traditional markets. Quite a few experts see these events as the optimal conditions for a new run on the all-time high. However, other experts are concerned about the decentralization…
Bitcoin course on Friday
The “digital gold” holds above the trend line at 13500 USD on Friday. At the time of writing, the price is 13501 USD, which corresponds to a daily gain of 0.19%. From a bullish perspective, the next targets are at 13550 USD and 13800 USD. Although the S&P 500 slides by 1.88 % even at the weekend start, the leading crypto currency can maintain its level.
Mass adaptation in favor of decentralization
The fact that the BTC integration of PayPal could be accompanied by a large mass adaptation should hardly surprise anyone when looking at 346 million users. However more and more experts ask themselves, with which risks the market entrance of the FinTech giant is accompanied. PayPal determines the rules of the game, payouts to external wallets are not permitted and the decentralization claim could sink. The question arises to what extent PayPal will influence the block chain market in the long run.
BTC Dominance Index continues to rise
The BTC Dominance Index is considered an important indicator to show the balance of power between the BTC and alternative assets. Currently, 63.5 % of the total market capitalization is invested in BTC. The Altcoins are therefore facing a cold crypto-winter. Ethereum (- 2.64 %) said goodbye to the important USD 400 mark on Friday, while Ripple (- 2.60 %) had to record a 36-month low against the BTC. In the top 30, only Wrapped Bitcoin (+ 0.44 %) and Dash (+ 6.23 %) can celebrate small price gains, while the remaining Altcoins are heading south again.
How does it go on?
Volatility is returning to a crypto space with a total market capitalization of approximately USD 400 billion. While the new coronavirus infections and the uncertainties surrounding the US elections are weakening the traditional markets, “digital gold” is recommended as one of the most lucrative assets of all. Many traders see the USD 14000 mark as a groundbreaking barrier before moving towards the USD 20000 mark. Will the story from the winter of 2017 repeat itself three years later or will the bears veto it?