Under 9000 USD – yes or no?
A “Bloody Weekend” is coming to an end. After the traditional markets had to end the “Witches’ Sabbath” with a bitter setback, the No.1 crypto currency threatened to fall below the important USD 9000 mark (in this area, BTC was last seen about 14 days ago). However, on Sunday the bulls are fighting this development with all their might. We take a look at the current market situation
Bitcoin: The chart in detail
At the time of writing, the market leader is valued at USD 9156, a daily gain of 0.07%. In the early morning, the price dipped to a daily low of USD 8956, a weekly loss of around USD 1000. However, the current recovery shows how important the support areas at USD 9000 and USD 9200 really are. Again and again the bears failed at these barriers in the past 2 weeks. However, the current situation looks anything but rosy.
The capital is missing
A 24 hour volume of approx. 17 billion USD illustrates the current market situation. Investors are waiting for the start of trading on the major marketplaces. Wall Street is seen as a signpost for countless markets, and concerns about a second wave of corona are dominating events. Experts argue about whether there will be another setback in the coming weeks. It is questionable to what extent the consequences of the pandemic have been fed into prices. The development of a vaccine can take months and uncertainty is spreading. No wonder that investors from the crypto sector are exercising restraint.
Bitcoin Dominance Index rises again
The Bitcoin Dominance Index is considered an important tool for assessing the balance of power. In order to determine the dominance of a crypto currency, one needs the respective market capitalization, which is then compared with the total market capitalization. The market capitalization is the product of the market price at which the currency is traded and the total number of coins of this currency in circulation. After several days, the index climbs to 65% on Sunday. This means that all the old coins share a market capitalization of “only” 91 billion US dollars.
What do the Altcoins do?
With a daily loss of 6.25%, Bitcoin SV has to cope with the biggest setback in the top 30. This means that although the BTC-Fork is currently still ranked 6th in the crypto charts, the “digital silver” (Litecoin) is approaching at a rapid pace. Crypto.com managed to push into the coveted Top 10 again with a price gain of 5.61%, followed by Cardano, Chainlink, the top performers of the quarter.