Bitcoin with problems at the weekend start
While the crypto-space classifies yesterday’s downtrend somewhere between correction and “bloodbath”, the market leader continues to show signs of weakness on Friday. After the major exchange OKEx declared the payout stop to be over, users withdrew about 30000 BTC units from the exchange. In a rush, the total market capitalization subsequently fell by more than USD 80 billion, while Bitcoin fell by more than 10% towards the south. But what happens now? We take a look at the most important events in crypto space.
At the time of writing, the BTC is quoted at USD 16739, which is a daily decline of 2.57%. Although a 24-hour volume of around USD 46 billion indicates the enormous interest of investors, the bulls are not able to fully recover from the previous day’s impact. A first recovery attempt failed after a few minutes and the USD 17000 barrier is again proving to be a stubborn hurdle.
These are the limits that matter now
From a bullish perspective, the next resistances are currently at 16800 USD and 17000 USD. Further up, the next hurdles are currently at around USD 17430 and USD 16230. However, due to the high volatility, these could be breached quickly if the bulls decide the showdown at the $17000 level in their favor. On the other hand, from a bearish perspective, many traders are hoping for the support lines at $16600 and $16400.
Bitcoin Dominance Index at 62.2
The BTC Dominance Index is an important indicator to determine the balance of power between “digital gold” and alternative assets. On Friday, approximately USD 308 billion of the total market capitalization (approx. USD 497 billion) is in BTC investments. Although investors’ focus remains on the leading digital currency, the Altcoin seems to be gradually unwinding. This was evident not only from the enormous price eruptions on Wednesday, but also from the heavy losses on Thursday.
Altcoin prices in detail
Many Altcoin friends jokingly say that Black Friday has also reached the crypto space. After the heavy price slump the day before, Ethereum and Co. are still struggling with the aftermath of the dump. The Smart Contract Coin (- 0.96 %) continues to hold above the important USD 500 mark (current price: USD 505.26), while Ripple, with a price gain of 4.65 %, delivers the best performance among the top 10 coins. In addition, most of the Altcoins have suffered small losses.