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Bitcoin dominance rises to 55% as the crypto markets stumbl

Bitcoin dominance rises to 55% as the crypto markets stumbl

The crypto markets have suffered significant losses recently. They still fail to recover in a lasting and convincing manner. This has led to more and more investors fleeing in Bitcoin, further driving the market dominance of the cryptocurrency.

Bitcoin achieved a market dominance of 55% in the 24 hours before the editorial deadline. This is the highest level since December of last year. After all, the crypto markets have not yet fallen below a market capitalization of 200 billion USD. The year low of $ 192 billion is still off.

Recently, Business Insider reported that US investment bank Goldman Sachs reportedly no longer wanted to open a trading desk for Bitcoin. However, this message did not affect the course of Bitcoin.

In a following report from CCN it said:

“It's clear that Goldman Sachs announcement had no impact on Bitcoin's short-term price. That's true, though the announcement is superficially like a negative development for the crypto industry. “

Only hours after its release, Goldman Sachs Chief Financial Officer, Martin Chavez, responded to Business Insider's statement. He disagreed with claims that the start of the trading desk had been postponed and called the message “Fake News.”

At a TechCrunch conference, Chavez said:

“I never thought I'd use that term, but I just had to describe it as what it is:” Fake News “.”

If Goldman Sachs had been the main reason for the price plunge from $ 7,400 to $ 6,400, denial would have forced the price up again. However, the markets did not react and did not rise to the previous resistance levels. It turns out that Goldman Sachs was obviously not the trigger. Rather, it was the huge selling pressure that had built up in the markets since the end of August.

Bitcoin needs to break the $ 7,000 resistance level in the next 24 to 48 hours. If that does not happen, it is very likely that Bitcoin will again test the resistance level of $ 6,000. This has already been the case in April, June and August.

The expected fall below the $ 6,000 mark does not have to be bad. Thus, the dominant cryptocurrency could reach the bottom and then prepare for a medium-term rally. This could take place in the coming months.

Meanwhile, small capitalization tokens and crypto currencies are likely to continue to lose against Bitcoin and the US dollar. This is due to the low trading volume and rising activity of tether (USDT).

Bitcoin dominance rises to 55% as the crypto markets stumbl

Sources: Cryptocurrency courses, Business Insider, TechCrunch, Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/bitcoin-dominanz-steigen-auf-55-waehrend-die-kryptomaerkte-straucheln/

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