Bitcoin and Co. with losses on Thursday
Bitcoin shoots below the important USD 9000 mark on Thursday, dampening investor euphoria. It appears that the decline in the hash rate will be significant after all. Meanwhile, the Altcoins are able to regain important market share without breaking away from the first mover. We take a look at current events.
Bitcoin below 9000 USD
At the time of this article, the No.1 crypto currency is at a rate of 8932 USD. This corresponds to a daily loss of a whopping 6.31%. After bouncing off the magic 10000 USD barrier, the bears have taken over. As a result, the high volatility shows its bad side. Should the fall below the USD 9000 mark be confirmed in the coming hours, the BTC could fall to a level that we last saw before the halving.
These limits are now coming into focus
After the failure at the USD 10000 mark, it is becoming increasingly unlikely that the psychological limit will be crossed in the near future, as the volume is declining at around USD 37 billion. In chart terms, this makes breakouts more difficult. On the downside, traders are taking a closer look at the battle at the USD 9000 mark. If the BTC loses this support, the bears could push the price down to the trend lines at $8800, $8600 and $8400. However, there are indicators that point to a quick comeback for the bulls.
Another Golden Cross
The recent golden cross may be a bullish indicator for the chart’s impending movement. The golden cross describes a chart situation in which the 50-day line (MA 50) and the 200-day line (MA 200) cross in a certain constellation (the MA 50 comes from below in this case). In the past, such a formation often proved to be a bullish indicator. Most recently, a similar constellation was observed in February. At that time, however, a bull run did not occur.
Mystical transaction causes a furore
As cryptopotato reported in an article, 50 Bitcoins were transferred a few days ago, which were mined in 2009. As a result, a heated discussion about the possible sender started. It didn’t take long until names like Craig Wright and Satoshi Nakamoto were thrown into the pot. To date, however, neither the sender nor the motives are known.
What do the Altcoins do?
A Bitcoin Dominance Index of 66.5% is the clearest indication of the current market situation. Two thirds of the total market capitalization are in BTC investments. According to this, the Altcoins are able to regain smaller market shares compared to the previous week. However, the situation that we have been observing for over a year remains unchanged: Bitcoin dictates the pace in crypto space and the Altcoins follow at every turn.
Altcoin courses in detail
Ethereum is the hottest candidate to end the BTC dominance. The upcoming “Ethereum 2.0” launch, Buterin’s visions and the successful DeFi market speak for such a development. Chart-wise, a different picture is revealed to traders. Due to the latest dump, ETH falls below the important USD 200 mark (current price: USD 195.09). A similar picture emerges in the Top 20. Most alternative assets posted losses in the single-digit percentage range on Thursday.