Which coins will come through the crisis best?
The coronavirus is spreading and the traditional markets are in a tangible crisis. After the cryptos suffered heavy losses the previous week, Bitcoin rose above the important USD 6000 mark on Thursday, giving investors hope for an imminent recovery. Can the “digital gold” still present itself as a crisis-proof store of value after all? Due to the high volatility and the low overall market capitalization, this is definitely questionable, but not impossible.
Which coins deliver?
Bitcoin dictates what happens in the market with a dominance of a whopping 65.3%. The old coins are moving further and further into the background. But there are isolated glimmers of hope. We take a look at the most interesting price developments of the week.
The Bitcoin must not be missing in these statistics. With a respectable rebound, the first mover underlines its exceptional position. After the No.1 crypto currency had to cope with one of the biggest dumps in its history last week (approx. – 40%), the exchange rate is above the 6000 USD mark (6032 USD) at the time of this article. Due to the incalculable price fluctuations, one should rather shy away from price forecasts in these days. The bulls could soon lose control again. Many are related to how the traditional markets start the new week on Monday.
Where is the Bitcoin heading?
From the bullish perspective, the next bigger resistance is now at 6400 USD. This week, Bitcoin shot to a weekly high of around 6434 USD. There is an explosive mood in the market. FOMO (fear of missing out) and FUD (fear, uncertainty and doubt) go into each other’s hands almost every day and insecure investors fluctuate between panic selling and one-off investment options. Should the bears take the helm, a fall to the support area at USD 5500 would be conceivable. Further down the important USD 5000 limit has been supporting the BTC for weeks.
DASH is making a comeback into the top 20 this week, and after the team announced the imminent release of a new platform, the chart recorded a price rally of around 40%. As a privacy coin, DASH is positioned in a niche with Zcash and Monero. Currently, DASH stands at a price of 67.21 USD. In the crypto charts, the coin thus occupies 19th place.
BSV and BCH
This week we reported on news concerning the Kleiman trial. Bitcoin SV promoter Craig Wright has to pay for the legal fees of Ira Kleiman. These are valued at 165,000 USD. The competent court in Florida thus moved away from a significantly higher penalty. Wright was already sued in 2018, but he still claims to be in possession of the private keys for the billion-dollar Tulip Trust III. However, there is still no trace of these keys. The BSV course does not seem to be bothered by the reports. With a price increase of approx. 25 %, the BTC Fork is again positioned at position 6 in the crypto charts. This puts BSV just behind Bitcoin Cash again. BCH recovered this week with a price increase of approx. 20 % from the strains of the turbulent previous week.
Steem is considered one of the most interesting cryptos of the hour. This week Steem caused a stir in the crypto space before the long-awaited hive-fork with an interim course tripling. After the exorbitant price increase of about 200% the situation calmed down for the weekend. The steem community continues to fight for independence. This project should be kept in mind.