Bitcoin confirms upward trend
Good news from the crypto space: The Bitcoin can confirm yesterday’s pump and record a new weekly high on Saturday. With the halving event coming up, the recent breakout could mark the beginning of a brilliant bull run. Ethereum and co. can use the slipstream of the No.1 crypto currency for their own climbs during this event. We take a look at the current market situation.
Bitcoin exchange rate in detail
At the time of writing, the BTC is quoted at USD 7228, which is a daily increase of about 3 %. When on Friday, after several attempts, it managed to jump above the resistance at 6800 USD, many experts interpreted the pump as a direct correlation to the traditional markets. In general, things have become quieter in the crypto space. The falling volatility is an important reason for this development. However, it would be wrong to claim that the market has become more stable. Over the past 7 days, digital gold has been fluctuating in a range between USD 6567 and USD 7237. Possible price fluctuations would cause some turmoil in other markets, despite the current situation.
These limits are now coming into focus
After breaking through the $7000 mark, it did not take long for the BTC to pulverize the resistance at $7200. From the bullish viewpoint, the BTC is now moving in quick steps towards the next bigger hurdle at $7,400. This is roughly the highest level in the past 30 days. We are already at a level last seen before the outbreak of the coronavirus pandemic.
The third Bitcoin Halving Event is within reach and experts are arguing about how the block halving could affect the course. In less than 4 weeks, the miners’ coin reward will be split from 12.5 BTC to 6.25 BTC per block mined. In combination with the fixed upper limit (21 million BTC), the halving event will have an impact on the inflation rate, which will be approximately 1.8 % after the following event. Similar to gold, Bitcoin is already regarded as a protection against inflation, as a kind of crisis-stable value store in digital form. What influence the halving will have on the price, however, remains open for the time being. However, most experts see positive consequences for the chart. It is quite possible that Bitcoin will soon be trading in the five-digit range again.
Ethereum pumps, Tether reprints new coins
The majority of alternative assets are experiencing a good Saturday in terms of price. Ethereum is heading straight for the USD 200 mark with a gain of a whopping 7% (current price: USD 182.89), the biggest rise in the top 20, while Tether is printing USDT units worth USD 2 billion. This means that the stable coin is significantly shortening the gap to ripple.
BTC Dominance Index declines
The Bitcoin dominance drops to a value of 63.4% on Saturday. The Altcoins thus show that they should not be written off at all. Due to the upcoming Halving Event it will be more and more difficult for the Alts to set accents.