The cryptocurrency market shows no signs of slowing down so far in 2020. After charting one of the most impressive performances in January, Bitcoin continues its rally in the first week of February as well. In the past seven days, the cryptocurrency increased by about 5.5%, claiming essential resistance levels on the way up. Currently trading at around $9,800, all eyes are on the critical psychological barrier of $10,000.
Bitcoin’s price was rangebound in the first few days of the week, and it dipped to as low as $9120 on Tuesday, February 4th. From there, however, it was all uphill. The cryptocurrency charted a high of around $9,900 and retraced a bit to $9,800. The market sentiment is particularly bullish as $10,000 seems in sight.
It’s not just Bitcoin, though. Altcoins are surging as well. Bitcoin’s dominance has decreased down to 63.9%, which means that other cryptocurrencies manage to claim serious grounds.
As seen in the above picture, not only are altcoins in the red, but almost all of them are marking double-digit increases in the past seven days. Ethereum has had an impressive performance, surging upwards of 23%, while XRP follows closely with 17%. An interesting survey revealed that 50% of cryptocurrency traders hold mainly altcoins over Bitcoin at this time.
In a broader view, the trend of government-backed cryptocurrencies continues. Federal Governor Lael Brainard recently said that the US is looking closely at launching its own. Japan is also reported to move forward with its plans to avoid falling behind China.
In any case, it remains exciting to see how the market will perform in the following months and whether the bullish trend of 2020 will continue.
Market Cap: $278B
24H Vol: $132B
BTC Dominance: 64%
BTC: $9,782 (0.22%)
ETH: $220,76 (3.81%)
XRP: $0,279 (-0.57%)
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The USA Is Looking Closely To Launching Its Own Cryptocurrency, According To Fed Governor Lael Brainard. According to Governor Brainard, the US Federal Reserve is already experimenting with blockchain-based technology to identify potential use cases for a central bank digital currency (CBDC). However, the institution is also cautious of its risks and wants to address them beforehand.
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Altcoin HODLers: 50% Of Crypto Traders Hold Mainly Altcoins Over Bitcoin, Survey Finds. According to a recent survey, over 50% of traders hold mainly altcoins at this point, rather than Bitcoin. This is a further proof that 2020 might have given birth to a serious altcoin season, especially given the declining Bitcoin Dominance.
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This week we have a chart analysis of Bitcoin, Ethereum, Ripple, TRON, and Chainlink – click here for the full price analysis.
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