Will the Kryptos emerge from the crisis as winners?
The traditional markets can easily recover from the strains of the past week. The Down Jones Industrial rises by approx. 9% and the DAX clearly distances itself from the Corona crisis low. At the time of writing, the daily gain is around 8.55 %. We are experiencing a turnaround Tuesday, which also affects the crypto market.
Bitcoin and Co are rising
Bitcoin has recorded a new upward trend with a price increase of a whopping 7%, making an important statement for the entire crypto market. With a market value of 6575 USD, “digital gold” is gradually approaching the level at which it was before the crisis. The high volatility could benefit the bulls in the coming hours. In the past 24 hours, investors have invested over USD 10 billion in the market. This means that the total market capitalisation now stands at around USD 183 billion.
These are the limits to which one should pay attention
With interim price jumps of over 10%, Bitcoin is experiencing an optimal Tuesday. If the bulls can defend their supremacy in the coming hours, a bull run to the 7000 USD mark would be quite realistic. The trading volume and the high volatility speak for a sustained breakout. In terms of price, the Bitcoin initially attacks the resistance level at 6800 USD. From a bearish perspective, the next larger support zone is now at around 6400 USD.
Dominance at 2-month high
The Bitcoin Dominance Index is considered an important indicator to determine the balance of power between the BTC and alternative assets. In order to determine the dominance of a crypto currency, the respective market capitalization is required, which is then compared with the total market capitalization. The market capitalization is the product of the market price at which the currency is traded and the total number of coins of this currency in circulation. With a BTC Dominance Index of 65.7%, Bitcoin reached a new 2-month high on Tuesday.
Altcoins are being pulled along
The Altcoins have been following Bitcoin at every turn for months. Today, Ethereum and Co. is very much in tune with the uptrend of Bitcoin. In the top 50, all coins have a positive 24 hour chart. It would not be unreasonable to expect that the current situation will continue to worsen for the Altcoins in the coming weeks. The Bitcoin Halving Event is just around the corner and new investors are primarily pouncing on Bitcoin. An Altcoin Season 2020 is considered very unrealistic.
Binance and Brave cooperate