Bitcoin continues over 13000 USD
The No.1 crypto currency can defend the profits from the “PayPal Rally” and further extend its supremacy. Currently, approx. 242 billion USD of the total market capitalization (approx. 396 billion USD) is invested in BTC investments. Accordingly, the BTC Dominance Index rises to 61.1 %, while the alternative assets are being ambushed. We take a look at the market situation on Monday.
Bitcoin price in detail
At the time of writing, the market leader is quoted at USD 13078, which represents a daily gain of 0.59%. Should the trend line at $13000 USD mutate into a new support level in the coming hours, this would provide a strong base for new attacks. From a bullish perspective, the next barriers are currently at USD 13200 and USD 13400 (where the current annual high is located). After weeks of consolidation, PayPal News lifted the first mover to a new level. Now the focus of investors is shifting to Wall Street.
Will the BTC succeed in encapsulating itself?
A consolidating S&P 500 on Friday did not allow any conclusions to be drawn about a possible encapsulation of the Bitcoin. Due to the recent bull run, some experts suspect that the first mover could now succeed in independent price breakouts. Hardly any other asset is coming through the coronavirus crisis as well as the “digital gold” and the market cap of the blockchain market is scraping against the USD 400 billion mark. With the market entry of PayPal more than 340 million users are addressed. This could take Bitcoin to a new level in terms of adaptation. One may be strained, how the Nr.1-Kryptowährung behaves, if it should go again downward at the traditional markets.
Bitcoin performs in its own league
While the rising number of new coronavirus infections poses serious problems for the economy, the leading crypto currency has been able to climb by over 30% within a month. The uptrend is raising hopes for a new moon rally and indeed many indicators speak for an encapsulation from the major stock indices. The latest pump has also set the digital currency apart from the precious metal gold. More and more frequently, mainstream media are reporting on the respectable price increases the “Store of Values” and the decreasing volatility provides security for risk-averse investors.
Bitcoin hangs on to old stock
Bitcoin dominates the headlines in the crypto space, while alternative assets are increasingly feeling the dependency. Independent price breaks are considered a rarity and hopes for an Altcoin season are fading. We could observe a similar market distribution in December 2017. Back then, the bulls broke through the USD 20000 mark in an impressive rally and celebrated a new all-time high. A short time later, the Dominance Index collapsed and the famous Altcoin Season was rung in. In a rush Ethereum and Co. shot for new top results. But are we facing a repeat of the events?
Ethereum holds above 400 USD mark
The hopes of the Altcoin friends lie in ETH 2.0 and the flourishing DeFi market, which currently has a volume of about 3 billion USD. On Monday the Kryptos start very unevenly into the new week. Ethereum is able to stay above the important 400 USD mark despite a 0.79 % drop in share prices (current rate: 406.23 USD), while coins such as Filecoin (+ 20.37 %), Bitcoin SV (+ 5.35 %) and Monero (+ 2.45 %) are showing price increases.