Downtrend on Thursday
Within the last 24 hours, investors withdrew over USD 10 billion from the crypto market. Bitcoin is heading towards the USD 8000 mark and Bitcoin SV is losing around 20%. We take a look at what is currently happening in the cryptospace industry.
Bitcoin in detail
At the time of writing, Bitcoin is valued at approximately USD 8345 and has a market capitalisation of approximately USD 152 billion. When touching the 200-day line (at around 9060 USD), the No.1 crypto currency flashed off and then plunged into the support zone of 8600 USD. The BTC has been able to hold this level for the last few days. However, today’s downtrend could trigger a fall below the USD 8000 level.
With the current price the Bitcoin reaches a new 10-day low. The 9000 USD limit resolutely rejected the “digital gold” and thus put a brake on euphoric investors. Now it is time to fight for support in the 8400 USD range. Should the BTC lose this limit permanently, a fall below the USD 8000 limit would be the logical consequence. On the upside, the next major resistance line is at around 8750 USD. An exciting weekend is imminent.
Bitcoin dominance above 66
Bitcoin dominance climbs above the 66% mark on Thursday. Thus all Altcoins share a market share of about 34 %. As a result of the BSV pump, the Dominance Index fell below 65%. It did not take long until the first experts predicted a new “Altcoin Season”. However, it does not look like this at the moment. Bitcoin is again dictating the tone on the crypto market and the Altcoins are following.
For the Altcoins there was little to get this Thursday. The graphs of the Top 20 Coin (except UNUS SED LEO) are pointing down. Bitcoin SV was hit the hardest. Craig Wright has until February 2 to prove that he has access to the billion-dollar “Tulip Trust III”. This limit collides with the BSV Hard Fork (February 4). Investors can prepare for a turbulent start to the month. Today, Bitcoin SV falls by 17.19%, thus initially moving away from position 5 on the crypto charts. This position is taken by Stablecoin Tether.
Tether brings gold-supported stable coin
Tether will present a gold-backed stable coin on Thursday. “Xaut” represents one troy ounce (31.1 g) of the coveted precious metal. With this step, Tether enters a new but promising territory. Tether made the following statement in a mail: “Tether Gold, the digital asset tied to physical gold, is officially operational!”
Binance Annual Report
Binance Research has presented its “2019 – Annual Crypto-Correlations Review” report, which deals with the crypto year 2019. With a price gain of 128%, the in-house BNB coin is considered the top performer in 2019, followed by Bitcoin (+ 87%) in second place in this statistic. With a correlation coefficient of 0.69, Ethereum followed Bitcoin the most closely. Coins with programmable block chains (ETH, NEO, EON) tend to have higher correlation coefficients.