A long fight
The bulls cannot hold the level above the USD 12000 mark in the long term. Much currently points to a longer consolidation phase, as we saw recently before the jump over the magic USD 10000 mark. At that time, digital gold needed a number of attempts to cross this trend line sustainably. While Bitcoin is moving sideways at the start of the weekend, some of the old coins have suffered heavy losses. Let’s take a look at what’s happening in the crypto space.
Bitcoin price current
At the time of writing, the market leader is quoted at USD 11767, which represents a daily loss of 0.67%. According to this, the Bitcoin falls below the trend line at 11800 USD, which now piles up to the next resistance. Further up is then the important 12000 US mark. On the downside, bullish traders bet on the support lines at 11600 USD and 11400 USD. On Friday, the trading volume drops slightly to a level of around 22.5 billion USD. However, Bitcoin can regain smaller market shares.
Bitcoin Dominance Index at 59.1
Approximately USD 217 billion out of USD 368 billion (total market capitalisation) is currently invested in Bitcoin Investments, while all Altcoins share a market share of only 40,9 %. Although the ratio is much more balanced than just a few months ago, hopes for a possible Altcoin Season have not been fulfilled to date. On the contrary, promising hopefuls will even have to accept severe setbacks on Friday.
No other coin has been able to attract so much attention in recent weeks as Chainlink. With several top performances, the Oracle Coin has risen to 5th place in the crypto charts in a rush. However, it now looks like the first major damper. After LINK initially failed at the USD 20 level, the currency is now falling with a downtrend of 14% to a price of USD 14.13. As a result, the coin slid to position 6 on the crypto charts.
What are the other alts doing?
Ethereum will fall below the 400 USD mark again on Friday (current price: 399.89 USD). Only LINK has to put up with a bigger dump in the top 10. Further back, Tezos (- 8.02%), Cosmos (- 5.02%) and Aave (- 10.83%) are hit particularly hard. OMG, on the other hand, recorded the biggest pump in the top 30 with a price gain of 16.25%. This means that the network has risen by a whopping 250 % this week. Further proof that independent price breakouts are still possible.