Bitcoin above 11 k
For days the alternative assets scratched the dominance of the first mover and some experts even interpreted this development as the beginning of a new Altcoin season. On Wednesday, the market leader regained important market shares by jumping over the USD 11000 barrier, while many alts had to give in. We take a look at the current market situation.
Bitcoin jumps over important border
At the time of this article, the No.1 crypto currency is at a rate of 11004 USD, which is a daily increase of 1.43%. Since the beginning of the week, the BTC has risen by over 700 USD, a bullish sign after the hard struggle at the magic boundary. However, we should note that the level at $11000 needs to be confirmed before the next resistance zones come into sight. Often enough, knocking on the higher $12000 barrier in recent weeks has been accompanied by enormous ricochets.
BTC Dominance Index rises by over 1
The Bitcoin Dominance Index is an important tool to assess the balance of power between the Bitcoin and alternative assets. After the latter conquered more and more market shares in recent weeks, Bitcoin makes a clear statement today. Currently, 57.9% of the total market capitalization is in Bitcoin investments.
S&P 500 performance comes in handy for BTC
For Bitcoin, the strong performance of the S&P 500 is just what is needed these days. Also on Wednesday, the share index (0.30%) is going up. Whether the Bitcoin can hold its upward trend, if it goes for the traditional markets downward, remains further questionable. After the halving, a stronger encapsulation could be observed, which, however, flattened out after the violent rebound from the USD 12000 mark. The correlation with the major stock indices remains a double-edged sword. On the one hand, the “dependence” provides a certain stability, while on the other hand, “digital gold” can hardly be recommended as a crisis-resistant “store of value”.
Can the Altcoins use the momentum?
In terms of charts, the picture for the old coins on Wednesday is mixed. While Ethereum (+ 1.03 %) is able to maintain the level of the previous day, the trend for coins such as Polkadot (- 3.25 %), Chainlink (- 5.01 %) and Cardano (- 4.23 %) is heading south. After its recent strong performance, YFI has to move out of the top 20 with a price loss of 14.18 %. In the next few hours, the following 2 questions will be addressed:
- Can Bitcoin confirm the jump over the trend line at 11000 USD?
- Can the alternative assets in Bitcoin’s slipstream benefit?
Excitement is guaranteed!