Bitcoin again over 10000 USD
Bitcoin was initially in a sideways movement for a long time on Tuesday and much pointed to a quiet market. Towards the evening, however, the “digital gold” finally managed to jump into the five-digit range. Currently the price is at a value of 10136 USD. A surprising trend reversal. After crossing the magical 10000 USD mark, the No.1 crypto currency first had to record a pullback of about 400 USD on Monday. However, the support line held at 9800 USD. The 24-hour volume of approximately $37 billion reflects the current interest of investors. The hype is back!
Focus on Altcoins
The BTC Dominance Index is at 63.2% on Tuesday. The Altcoins are therefore fighting for further market shares. However, there is no Altcoin Season yet.
On Tuesday, most of the top 10-Coins can celebrate slight price gains. Ethereum stands at around USD 229, while Litecoin and EOS Tether are able to overtake. With a daily gain of approx. 14%, Chainlink delivers the best performance among the Top 50-Coins.
The bull run continues
After the pullback below the magical USD 10000 mark, many investors expected a dip towards USD 9400. This would have been a normal consolidation after the enormous price gains since the beginning of the year. However, it now looks as if the bulls will hold the reins. In the past 4 hours, total market capitalization has risen by a whopping USD 6 billion. The market cap is approaching the 300 billion mark in large steps.
The FOMO (Fear of missing out) is back in cryptospace. Investors are panicking that they will miss the next bull run and the mainstream media are increasingly reporting on the sensational price gains. The USD 10000 mark is considered one of the most important psychological barriers in the crypto market. With the right conditions, the BTC can now take the momentum and pulverize the next resistance. If FOMO meets the volatility, double-digit price fluctuations could soon be back on the agenda. But there is a second price driver: The Bitcoin Halving Event.
White Crypto Ratings Update
The Bitcoin Halving Event is considered one of the biggest highlights in the crypto year 2020: After the third halving, the inflation rate will be drastically reduced (approx. 2%) and Miner will mine only 900 BTC units per day. Although experts dispute the exact correlation between the halving and the BTC price, it is considered likely that the event could have an impact on the price. The only question is when the halving will be fed into the course. In any case, at the moment it looks as if the halving will take place in a bull market. Weiss Crypto Ratings already corrected their Bitcoin rating upwards (A-) a few days ago. The halving turned out to be a perfect move by Satoshi Nakamoto in the past years. The low inflation rate and the fixed upper limit of 21 million BTC make Bitcoin a real “Store of Value”.
More news on Tuesday
The American crypto financial services provider BitGO is opening new locations in Germany and Switzerland. With the new depots, BitGO is targeting the European market in the future. BitGO CEO Mike Belshe explains the decision as follows: “We saw a strong demand in Europe last year and it was clear that clients there needed to be able to work with European-based companies regulated in certain jurisdictions.