Bulls confirm price rally
On Monday, Bitcoin conjures up an impressive performance on the crypto parquet. In the evening the share price increases by 8.55%. According to this the bulls confirm that the magic 10000 USD limit has been exceeded. Many indicators point to the long-awaited isolation from the traditional markets. At the same time, the leading digital currency is regaining important market shares. We take a look at the current market situation.
Bitcoin pulverizes resistors
At the time of writing, No.1 crypto currency is trading at a rate of 10753 USD, which represents a daily gain of 8.55%. In the past few hours, investors have pumped more than USD 6 billion into the BTC market, while the total market capitalization has risen to approximately USD 315 billion. After the bulls confirmed the jump over the magic barrier, resistance is now moving in at USD 10800 and USD 11000. On the downside, the new support lines are at 10600 USD and 10500 USD. Here the bulls failed just a few months ago and as a result the BTC had to accept a sharp dump to below USD 9000.
Action on the crypto stock exchanges
By reaching a new high for the year, Bitcoin catapults itself directly into mainstream media. After the gold price climbed to a new record high in the night to Monday, the “digital gold” is recommended as a crisis-proof store of values, perfect timing. In the last few days, Altcoin projects such as Chainlink, Cardano and Tezos shone with strong price gains and positive developments. These Coins suffer the most from the BTC pump on Monday. Chainlink loses 5.34 %, Cardano 6.61 % and Tezos 5.88 %. The Bitcoin Forks, on the other hand, are participating in the price breakout. Thus Bitcoin SV (+ 8.81 %) regains 6th place in the crypto charts.
Ethereum can defend profits
Ethereum can use the slipstream of Bitcoin to secure the previous days’ profits. Currently, the second largest crypto currency is trading at a rate of USD 319.73, an increase of 3.65 %. The booming DeFi market and Serenity are good reasons for a sustained bull run. However, the community is eagerly awaiting tangible results regarding ETH 2.0 and there is no room for mistakes, as Cardano is lurking in the background as a competitor. On Wednesday the third generation Blockchain will deliver the highly anticipated Shelley update.
When the Bitcoin breaks through the magic 10000 USD barrier, expectations are usually high. However, we are currently observing a special situation. The bulls push the market leader to a new annual high, while the gold price explodes. The coronavirus pandemic is still hovering over the global economy, even though the S&P 500 is hardly noticeable on the charts. The isolation from Wall Street comes at a good time. Now it’s up to the cops!