Bulls can hold five-digit USD range
Not for the faint of heart: The support at the magic border wobbles on Monday, but does not fall. Thus the No.1 crypto currency can hold itself at least for the time being over the psychological border. But how does it continue now? Was the dump an overdue correction or will the bears rebound again in the coming hours? And what are the Altcoins doing? We take a look at the most important events in the crypto space.
Bitcoin tests important support line
At the time of writing, the market leader is quoted at USD 10184, which is a daily loss of 0.76%. After falling below the resistance at USD 10200, digital gold moved rapidly towards the magical USD 10000 mark. However, the bears here had to pull out after a few hours. Currently it looks like this support level is strong enough to ward off the sell-offs. Nevertheless, a 7-day-loss of about 2000 USD is on the books. On the upside, the next resistances are now at 10200 USD and 10400 USD. A 24 hour volume of about 37 billion USD reflects the interest of the investors.
What are the traditional markets doing?
Last week, many experts saw an increasing correlation with the major stock indices. However, the bulls are holding off on Monday’s downtrend, while the traditional markets are again taking losses. For example, the S&P 500 fell by 0.81% and the Down Jones Industrial by 0.56%. It is therefore quite possible that the rising volatility acted like a multiplier on the rebound at the USD 12000 mark. We have already seen this phenomenon several times in the previous months at the USD 10000 mark.
What do the Altcoins do?
The alternative assets are also suffering from the aftermath of the downtrend at the beginning of the new week. Ethereum (- 1.92 %) had to record a USD 10 billion decline in market capitalization in the past few days. Currently, the Smart Contract-Coin stands at a price of USD 348. However, many traders interpret the chart development as positive, after ETH on Friday scraped just a hair’s breadth past the USD 300 mark.
A look at the Top 10
Tether’s lead over Ripple is growing and growing. Thus the largest stable coin secures its podium position, while the “bitcoin of the banks” stagnates at a price of 0.23 USD. Further down the line, Chainlink consolidates rank 5 in the crypto charts. Polkadot remains in 7th place with a market cap of approx. 3.8 billion and on Monday the BTC Dominance Index was 57.4%. According to this, approximately USD 188 billion of USD 328 billion are in BTC investments.