Bitcoin over 8500 USD
Bitcoin climbed above the 8500 USD mark on Tuesday, recording a daily gain of about 5%. In the past few hours, investors have pumped several billion USD into the crypto market. The total market capitalization is at an annual high of about 227 billion USD. We take a look at the possible triggers for the renewed bull run.
Bitcoin SV explodes
With a price increase of approx. 24% Bitcoin SV continues the outstanding performance of the previous week. After Craig Wright was able to present documents to the US court that indicate ownership of the valuable “Tulip Trust 3”, the BSV share price suddenly exploded in the previous week. Again and again in the past, Wright caused unrest in the cryptospace industry. Currently, however, his controversial person is pushing the Bitcoin SV course enormously. Due to reports about a new partnership, the coin even managed to jump to 6th place in the cryptocharts on Tuesday.
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DASH back in the Top 20
The Privacy Coin DASH is celebrating a strong comeback these days. With a price increase of about 23% DASH is also among the top coins on Tuesday and climbs back into the top 20. A few days ago Bitcoin Suisse announced that users can now run DASH-Staking without purchasing a master node. A master node would cost more than 50000 USD at the current level.
Top 30 in the green zone
The current Bull Run covers the entire market. All the coins from the top 30 (with the exception of the stable CoinTether) are recording price gains. The Bitcoin jumps over the 8500 USD mark and Ethereum can break the long awaited 150 USD barrier. The Bitcoin Forks are performing at a very high level, as they did last week. Bitcoin SV and Bitcoin Gold have managed price jumps of more than 20%.
New picture on the cryptomarket
Despite the continuing Bitcoin dominance (BTC Dominance Index: 68.1 %), we are experiencing a new picture on the cryptomarket these days. The Altcoins are more often encapsulating themselves from the No.1 crypto currency. The best example is of course the Bitcoin Forks, but also coins like Dash and Monero catch the eye of the analysts. In 2019, the Altcoins could only occasionally set accents. The Bitcoin usually set the tone and the other assets followed it at every turn. The current development lets the hope for an “Altcoin Season 2020” at least minimally rise.
Possible trigger: CME
Since yesterday the Chicago Mercantile Exchange (CME) has been offering the long-awaited Bitcoin Futures. As a regulated exchange, the CME enjoys the confidence of many investors. Some experts suspect behind this news the trigger for the current bull run. Bitcoin Futures offer investors the option to trade the future coin price now. Futures are forward contracts that allow investors to hedge against price fluctuations. They do not have to purchase BTCs themselves.
Bitcoin soon over 10000 USD again?
Due to the current bull run, Bitcoin is jumping over important resistances and indicates a renewed attack on the magic 10000 USD limit. Few investors would have expected this in January. Breaking this barrier would seal a dream start and further strengthen the focus on the Bitcoin Halving Event. At the moment, many indicators point to an outstanding Bitcoin year 2020. We will see where the journey takes us.
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