CME’s Bitcoin Futures increasing volume suggests BTC/USD rally resume
Bitcoin managed to return above $ 8,000 for short on Tuesday after a dramatic drop to its 2-month low on Monday. Core cryptocurrencies have declined mainly along with global equities following rising fears of the Coronavirus and a collapse in oil prices. Now it looks like the digital currency is trying to rebound.
This morning, the panic caused by the virus began to decline and most financial assets, including Bitcoin, began a modest recovery. The positive trend is expected to continue with the hope of new fiscal stimulus from US authorities. And the news for them should definitely improve investor sentiment.
Most analysts and enthusiasts expect Bitcoin to rise in such an environment. But I think that the downside pressure will continue till Bitcoin stays below 23.6% Fibo at $ 8,200.
Tuesday was another mixed day for the other top 10 cryptocurrencies
Tezos led the way on Tuesday, earning 2.15%. Binance Coin (+1.38%), Bitcoin Cash ABC (+0.28%), EOS (+0.29%), Ripple’s XRP (+1.16%) and TRX (+0.49%) also found support.
Bitcoin SV (-0.36%), Cardano’s ADA (-0.07%), Ethereum (–1.11%), Litecoin (-0.69%), Monero’s XMR (-2.02%) and Stellar’s Lumen (-0.27%) joined to Bitcoin in the red territory.
Since the beginning of the week, the total market capitalization of cryptocurrencies has slid from the high $ 233.12 billion on Monday to $ 219.19 billion. At the time of writing, the total market capitalization is $ 224.69 billion.
Bitcoin dominance has returned to 64% after falling to levels below 63.2% last week. And trading volumes amounted to $ 137.16 billion in the last 24 hours.
Tezos developers are creating a prize pool to fight the new virus
Tezos developer, Johan Tanzer, has set a prize pool worth $ 1,000. For those who contribute to digital resources in a popular medical research project, [email protected] The project focuses on protein folding structures. These findings will help fight a new Coronavirus (COVID-19) and other serious illnesses such as cancer, Ebola, Zika, Alzheimer’s, and more. The project is managed by the Pande Lab. Which is a part of Stanford University, and the Stanford University Medical Center.
Tezos becomes the best performing altcoin for 2020
Tezos (XTZ), now the 10th largest digital asset with a current market capitalization of $ 1.81 billion. XTZ has become one of the top-performing assets in the top 20 coins since the beginning of the year. At the time of writing, XTZ/USD is trading around $ 2.56. It is chart looks much better than most of the other major coins.
In the last 2 days, on a daily timeframe, the price of Tezos cannot break the 50% Fibonacci retracement of the last drop at $ 2.79. The $ 2.50 area (23.6% Fibo) below seems to be a good support in the longer-term. If the price stays above it and breaks above the 50% Fibo levels, XTZ could potentially test the $ 3.00 psychological level.
On the downside, we also have a support trend line at 2.34, which should keep the price above if there is a deeper correction.
Author: Silviya Velcheva
* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin, or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.