Good week start
Bitcoin and Co. are starting the week with price gains again after a long time. After the “bloody mondays” of recent weeks, today’s news almost sounds like music to the ears of investors. The traditional markets seem to be gradually catching up. The Down Jones opens with a price gain of approx. 2 % and the DAX can hold its ground after a volatile day (+ 1.9 %). Meanwhile, it looks as if Bitcoin has already reached the bottom of the crisis. We take a look at the current events in the market.
Bitcoin with daily plus
At the time of this article, the BTC is quoted at USD 6356. This value corresponds to a daily increase of approximately 3.6 %. According to this, the No.1 crypto currency is again attacking the resistance at 6400 USD in these hours. Should the bulls confirm the current trend, the next bigger resistances will be at 6550 USD and at 6800 USD. After the turbulent weekend, investors are looking back on a relatively quiet start to the week. The 24-hour volume today, Monday, is just under 37 billion USD.
After Bitcoin had a crash of about 40% on March 12, there was unrest in the crypto space. The traditional markets went crazy and insecure investors frantically tried to secure their money. As a result, the BTC even threatened to fall below the USD 4000 mark, but rapid pullbacks above the USD 5000 mark always followed. For a few days now, it seems that the “digital gold” could stabilize and discreetly detach itself from the stock markets. But this snapshot could be deceptive.
Now that the rescue parachutes and aid packages of governments are calming the global economy, one might think that things are also becoming calmer in crypto space. However, one should not forget that the BTC volatility index is still at around 10%, an extremely high value. Many traders are setting their stop-loss settings more cautiously than ever these days. Due to the low total market capitalization of approx. 177 billion USD, one should still assume a correlation to the fluctuating stock markets.
What are the Altcoins actually doing?
Speaking of correlation! With a Bitcoin Dominance Index of 65.5 %, alternative assets continue to follow the BTC at every turn. Ethereum is now at a price of 132.58 USD with a daily gain of just under 3%. Ripple was able to set a small exclamation mark last week, when the XRP Coin has meanwhile isolated itself from the BTC. At the moment, only very few crypto currencies can show similar chart trends. Therefore it might be advisable to take a look at the fundamentals and innovations.
More news on Monday
Microsoft filed a patent for a new mining technology on Monday. According to initial reports, the IT giant is planning a revolutionary mining system. Among other things, human physical activity is to play a role in this. In addition, the new technology is to use brain waves and body temperature to solve specific problems. Meanwhile, Santander has announced an expansion of its partnership with Ripple. Ripple’s One Pay FX payment system is to be launched on the Mexican market later this year.