Veröffentlicht: 28.08.2020

Recovery for the weekend start – Bitcoin and Co. recover

Bitcoin over 11500 USD

The fears of many investors did not come true on Friday. After the market’s top performer crashed to 11100 USD the day before, the bulls can take over at the weekend start. Do we now see a new attack on the important USD 12000 mark? And how are the battered old coins behaving? We take a look at what is happening in the crypto market.

Bitcoin price current

At the time of this article, the BTC is at a price of 11503 USD, which corresponds to a daily gain of 2.11%. At the beginning of the weekend, traders can again take command and push the Bitcoin above the 11500 USD mark. Now we will see if the support zone at 11400 USD is more stable than yesterday’s downtrend. Upwards, the next resistances are at 11600 USD and 11800 USD. Behind them, the 12000 USD mark is the limit at which the No.1 crypto currency has been nibbling for weeks. Again and again the bulls had to strike the sails here with violent ricochets.

Sinking interest?

A 24 hour trading volume of approx. 20 billion USD points to a sinking interest of the investors. We saw similar behavior when the Bitcoin oscillated between USD 9000 and USD 10000 for months. This also makes the market less interesting for whales, as purchasing power and volatility decrease.

Bitcoin dominance index falls

The Bitcoin Dominance Index is an important tool to determine the balance of power between the leading crypto currency and alternative assets. On Friday this index drops to a value of 58.9%. According to this the Altcoins can recover from the setbacks of the past days and regain important market shares. And indeed, some of the top 20 coins are showing respectable price gains.

Ethereum targets the USD 400 mark

Ethereum is approaching the important USD 400 mark with a price gain of 4.20 %. Currently the Smart Contract-Coin is at a price of 395.10 USD. The next resistance is now at 400 USD and 412 USD. On the downside, the trend lines at USD 382 and USD 375 are the new support lines.

What are the other Altcoins doing?

Chainlink catapults back to position 5 in the crypto charts with a price gain of 5.56%. This means that the Oracle coin has recorded the biggest increase in the top 10, with EOS (+ 6.24 %), Monero (+ 7.29 %) and Cosmos (+ 6.48 %) further down on Friday. In general, most Altcoins can use the slipstream of the first movers to hide the price slumps of the previous days.

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