Bitcoin continues to perform strongly
The market leader confirms last week’s outstanding performance with a new uptrend. Contrary to many predictions, the bulls are able to keep the lead and the alternative assets benefit from this situation. After a short dump, the showdown at the 16000 USD mark is now coming. We take a look at the current market situation.
Bitcoin price on Wednesday
Strong whale movements will help the No.1 crypto currency on Wednesday. At the time of writing, the BTC is trading at USD 15870, which represents a daily gain of 4.13%. At the same time we can observe a trading volume of about 27.4 billion USD. Despite a slight decline, investor interest has remained at a high level even after the turbulent US elections.
USD 16000 mark as a pioneering limit
From a bullish perspective, the next resistance level is at USD 16000. Just below that, the previous year’s high is at USD 15903. Although many signs point to a new high, there are also bearish signals. A stagnating total market capitalization and a divergent Relative Strength Index indicate a rebound at the important USD 16000 barrier. On the other side, a breakthrough could pave the way to the magic USD 20000 mark. Traders can prepare for eventful hours.
S&P 500 with Plus
A rising S&P 500 should benefit “digital gold”, despite the low correlation. The news of the coronavirus vaccine from Biontech and Pfizer continues to drive the traditional markets northwards. The S&P 500, for example, stands at a daily gain of 0.64%, while the Dow Jones consolidates on Wednesday.
Bitcoin Dominance Index now at 64.4%
The distribution of roles is currently clearly regulated in the crypto space. Almost two thirds of the total market capitalization is in BTC investments, while Altcoin shares the remaining market shares. For many experts, ETH 2.0 could become a real “gamechanger” in this respect. The long-awaited change from Proof of Work to Proof of Stake is expected on December 1. However, most Altcoins can already benefit from the BTC Rally.
A look at the Altcoins
Ethereum confirms the outstanding performance of the past few days with a share price increase of + 3.53 %. The Smart Contract Coin is thus quoted at USD 461.79. Further back on Wednesday, projects such as Bitcoin SV (+ 2.01 %), Wrapped Bitcoin (+ 2.36 %) and UMA (+ 12.21 %) will attract attention. Independent price outbreaks are still considered a rarity due to the high BTC dominance.