Bitcoin holds level
Bitcoin consolidates on Friday at a value of around 9100 USD. Since Monday, the No.1 crypto currency climbed a whopping 500 USD. Will the magic 10000 USD mark fall next? We take a look at the current market situation.
Bitcoin rate in detail
Due to yesterday’s pump, the “digital gold” is approaching the 50-day average (approx. at 9300 USD) with big steps. Should this hurdle fall in the next few hours, a bull run up to the USD 10000 mark would be quite conceivable. Many indicators are currently pointing to the bulls taking over the market again. The 24-hour volume is around USD 40 billion and the USD 9000 barrier forms a new support area. In addition, bullish news from Asia is creating high expectations.
Positive news could push BTC
South Korea and India legalize trade with Bitcoin and Co. A few hours ago, the South Korean government passed a law that provides a legal framework for trading with crypto-currencies. South Korea is considered one of the most “crypto-affine” countries in the world. Many experts interpret the legalization as an important step in the right direction. In India, the Supreme Court previously lifted a ban on the use of crypto currencies.
BTC encapsulates itself
Bitcoin is able to break away from the traditional markets this week. While the DAX, Down Jones Industrial and Co. are suffering from the consequences of the corona virus, the “digital gold” underlines its reputation as a crisis-stable “Store of Value”. Digital currencies could become increasingly interesting for investors in the coming weeks.
Bitcoin dominance still high
The BTC Dominance Index is at 63.6% on Friday. In total, investors have pumped over $10 billion into the crypto market since yesterday. Currently, the total market capitalization stands at approximately USD 261 billion.
Altcoins in view
The alternative assets are experiencing a quiet Friday. Ethereum is targeting the USD 250 mark with a gain of just under 3% and Ripple is still trading at USD 0.24. Chainlink has suffered a small setback with a loss of just under 5%, which can be interpreted as a small correction in light of recent gains. With a daily gain of just under 8%, Waves delivers the best performance among the top 50 coins.
Is the Altcoin Season coming this year?
A new study by Binance Research points to a possible Altcoin Season. According to the study, the dominance of Bitcoin trading volume in February fell by 13%. In the study, the researchers comment on the issue as follows: “If this trend continues, this would mean that market participants would have a greater appetite for old coins”. Many Altcoin investors have been waiting for over a year for a redistribution of market share. The Ethereum 2.0 launch is considered a great ray of hope. However, the focus of investors is likely to be on the upcoming Bitcoin Halving Event. In less than 100 days the Mining Rewards will be halved from 12.5 BTC to 6.25 BTC per block mined.