Bitcoin and Co are attracting
Good news from the crypto space. On Friday, most digital currencies are showing a respectable uptrend. The market leader underscores the performance of the past few days by jumping above the 11000 USD mark. However, the traditional markets may still have a chance to thwart the first mover. We take a look at the current market situation.
Bitcoin price current
At the time of this article, the BTC is quoted at USD 11150, which corresponds to a 24-hour gain of 1.86%. The bulls are taking a run for the jump over the resistance at 11200 USD. Several attacks have failed here in the past 72 hours. Although the trading volume has dropped overnight to around USD 20 billion, the purchasing power of investors seems to be sufficient for a positive chart development for the time being. After below, the trend line at USD 11000 is currently mutating into an important support area.
What is the S&P 500 doing?
After the record slump in US economic output, investors are now turning their attention to the New York Stock Exchange. The question is how the largest US companies are reacting to the negative headlines. The technology-driven Nasdaq, on the other hand, has recently been able to report positive figures, as the tech giants are performing strongly even in the corona crisis. The “digital gold” has been able to break away from the traditional markets and follow the precious metal in recent weeks. It remains questionable how this situation will develop if the major stock indices fall south again.
Old coins catch up
On Friday, the BTC Dominance Index is at 61.2%. According to this, the alternative assets can regain small market shares. Ethereum conjures up the best performance from the top 15 on the crypto floor with a price gain of 7.65 %. At the moment, the ETH share price is USD 342.07, and the market cap (approx. USD 38.3 billion) is approaching the USD 40 billion mark in large steps. The booming DeFi market and Serenity are pushing the project further forward. Nevertheless, the transition from Proof of Work to Proof of Stake is a race against time, with projects like Cardano lurking in the background. Since Wednesday Cardano owners can delegate their ADA coins to various staking pools.
Bitcoin is moving from one year high to the next and the mainstream is registering this development with great interest. Currently the total market capitalization is around USD 332 billion, some users feel reminded of December 2017. At that time the No.1 crypto currency pulverized all resistance on its way to the USD 20000 mark. A short time later, the Altcoins took over and double-digit price breakouts were part of everyday life. Will history repeat itself? Rather unlikely, since the crypto space has changed in the past 2 years. However, the influence of FOMO and FUD should not be underestimated even today.