Bitcoin and Altcoins as unleashed – new year high!
Here away go again! The cops take over again on Thursday and Bitcoin is maneuvering at breakneck speed towards the 15000 USD mark. During the US elections, more than 25 billion USD flowed into the crypto market, with investors pumping a large part into the leading digital currency. However, alternative assets can also profit from the current bull run of the first mover. Should the bulls break the USD 15000 barrier, a new all-time high would even be in sight. The hype could hardly be greater…
At the time of writing, the No.1 crypto currency is at a new yearly high of USD 14890, which represents a daily growth rate of + 7.48%. According to this, the bulls are working the resistance at USD 14900 during these minutes, before the showdown at the important USD 15000 mark could occur. A trading volume of approximately USD 38 billion illustrates the great interest of investors.
7.48 % – Volatility is back
For months we have observed a high correlation between the BTC and traditional markets. For weeks in September, the market leader consolidated in the range between USD 10400 and USD 11000. But with the start of the PayPal rally, this situation changed fundamentally. The “digital gold” presents itself as a crisis-stable store of value, and the increasing volatility enables price gains in the double-digit percentage range. However, we should bear in mind that this pendulum can swing in two directions.
The Hype is real
Bitcoin has proven to be one of the most stable assets during the coronavirus crisis. Hardly any other currency was able to recover so quickly from the consequences of the pandemic. However, the jump into the five-digit USD range was followed by countless ricochets at the 12k USD barrier. After a long period of consolidation, the leading crypto currency, driven by PayPal News, sprinted from yearly high to yearly high, completely detached. This chart development brings back memories of December 2017, when Bitcoin rapidly pulverized countless resistances on its journey to the all-time high of 20089 USD. Even though many fundamental indicators have changed in the past 3 years, the hype of that time is comparable to the hype of today. More and more mainstream media are reporting on the Store of Value and FOMO is literally tangible.
Bitcoin Dominance Index now at 65%
A Bitcoin Dominance Index of 65.0% illustrates the balance of power in crypto-space. Due to the recent price explosion, the market leader is approaching a two-thirds majority again after more than 4 months and the Altcoins can only follow. But it could be worse for ETH and Co.
Altcoins follow BTC
Ethereum is positioned above the important USD 400 mark with a price gain of + 8.10%. The Smart Contract Coin is currently trading at USD 414. Ripple reduces the gap to the crypto-podium with a daily gain of + 4.76 %. Further down the line, it is primarily coins such as Chainlink (+ 12.27 %), Polkadot (+ 8.01 %) and Bitcoin SV (+ 8.23 %) that are drawing attention.