Bitcoin Surges to $8,300 As Altcoins Regain Confidence: Sunday Crypto Market Watch

The whole cryptocurrency market has been somewhat volatile over the last several days. Bitcoin, for example, is almost invariably on the move. Friday, it went down to $7,666 on Bitstamp and yesterday surged to nearly $8,300. At the time of this writing, it has calmed to around $8,100.

Taking a look at the technical aspects, $7,700 serves as a major support line now, followed by $7,400. If Bitcoin’s bullish 2020 move is to continue, it would have to break the most significant resistance level at $8,300 – $8,400. It’s worth noting that BTC has already tried a few times to break that line but to no avail.

BTCUSD 1h Bitstamp. Source: TradingView
BTCUSD 1h Bitstamp. Source: TradingView

Most altcoins are also in the green since the start of the year. Looking at a smaller timeframe, Litecoin’s price has been on an impressive 24-hour run, being up with almost 5% to over $50. Ripple (2%) and Ethereum (1.4%) are also up, to $0.215 and $145, respectively.

EOS (2.62%) is above $3 now, and Binance Coin (5.1%) is north of $15. Bitcoin Cash (-0.62%), Bitcoin SV (-2.34%), and Monero (-0.70%) are among the few top 20 coins noting negative daily moves.

The mainly positive price movements among the alternative coins mean that Bitcoin’s dominance has taken a slight hit and is under 68% now.

Cryptocurrency Overview. Source: Coin360.com
Cryptocurrency Overview. Source: Coin360.com

Total Market Capitalization: $216.5 B | Bitcoin Market Capitalization: $147 B | Bitcoin Dominance 67.9%

Major Crypto Headlines

Bitcoin Safe-Haven: Correlating With Gold and Oil Following Recent Iran-US Clash. Amid the attacks between the U.S. and Iran from last week, Bitcoin, Oil, and Gold provided very similar price moves upwards, while the traditional stock market declined. It served as yet another confirmation to the theory that Bitcoin could indeed be used as a safe-haven, just like Gold.

The State Of Illinois Legalizes Blockchain-Based Smart Contracts. Important news towards mass adoption came from the state of Illinois. According to the Blockchain Technology Act, which has been in effect from January 1st, blockchain-based smart contracts are now admissible in court.

Interest in Bitcoin Highest Since September 2019, According to Google. The interest towards the largest cryptocurrency globally has spiked to a new 5-month high. Interestingly enough, Nigeria is the leader in this statistic, most likely due to the troublesome economic situation in the country.

Significant Daily Gainers and Losers

Bytom (10.65%)

BTM notes the biggest gains from the top 100 coins in the last 24 hours, with over 10% against the dollar to $0.077. The increase against Bitcoin is quite similar, and BTM/BTC is currently trading at 962 SAT.
The company recently published its 2020 roadmap and future product developments.

Dash (10.34%)

DASH has been on an impressive role in the last few weeks, ever since it was announced that 40 Burger King locations in Venezuela would eventually accept it as a payment method.

Today, Dash rises with around 10.35% against both USD and BTC to $65.45, and 0.008 SAT, respectively.

Centrality (-13.56%)

On the contrary stands Centrality, losing over 13% of its value against the dollar and Bitcoin to $0.08 and 981 SAT. CENNZ was even trading at $0.116 five days ago, but since then, it has been declining notably with over 31%.

The post Bitcoin Surges to $8,300 As Altcoins Regain Confidence: Sunday Crypto Market Watch appeared first on CryptoPotato.


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