Restrained start into April
Most cryptos start the new month with slight price losses. A correlation to the traditional markets can be seen. Let’s take a look at what’s happening.
Traditional markets fall on Wednesday
The coronavirus is dominating the headlines and the international trading centers can only report negative developments on Wednesday. The Down Jones Industrial loses a whopping 3.18%, the DAX is down 3.29% at the time of writing and the Nikkei 225 (down 4.50%) is hit even harder. Prices are therefore going down again. Many experts now even fear a second correction phase.
Bitcoin follows the traditional markets on Wednesday with a daily decline of 3.27%. Currently the BTC is trading at an average price of USD 6264. Thus, the No.1 crypto currency loses support at 6400 USD once again. However, from a bullish perspective, it appears that the support at $6000 will continue to hold. Investor interest has increased over the past 24 hours, with the BTC volume (24 hours) at just under $42 billion.
Little to laugh
It is questionable whether the countless April fool hoaxes can ease the general mood these days. Worried investors have been trying to protect their money for weeks. In the volatile crypto market, however, this is no easy task. But maybe the current coinmarketcap idea can put a smile on the face of one or two crypto enthusiasts. When users take a look at the cryptocharts today (coinmarketcap.com), the Toilet Paper Token is enthroned above the Bitcoin at position 0. This is an April Fool’s joke on the part of Coinmarketcap.
Toilet Paper Coin
A glance at the white paper of Toilet Paper Coins cites the “humor” of the developers: “As we have seen in times of economic uncertainty, toilet paper is becoming a safe haven worldwide. This white paper not only describes the brilliance of a crypto-currency that can be used by a, well… white paper, but also explains the technical and economic reasons for its creation. The white paper is full of more or less funny ambiguities (shitcoin, smut contracts etc.) and joins the list of the countless April fool hoaxes.
Altcoins make good ground
The Altcoins are shaking up the Bitcoin dominance. In the past few hours, the well-known BTC Dominance Index has dropped by about 1% (current value: 64.7%). Slight changes can be observed in the chart. Alternative assets such as Chainlink (approx. +3 %) and Monero (approx. +1 %) can discreetly isolate themselves from Bitcoin.