Tatiana Dementieva
At this point, the market cap of the entire cryptocurrency market is around 263 billion dollars, with over 64% being Bitcoin's share. Ethereum would have to gain more than 700% to break even with the king of cryptocurrencies. At this point, such a scenario looks unreal.
The world's 3 biggest digital currencies are still the same - Bitcoin, Ethereum, Ripple XRUSD. They have been leading the market for years, and are likely to continue doing so at least in the near future. In the long-term perspective, the situation with Binance Coin BNB, which keeps on backing the rally, looks really bright.
Bitcoin. Up or Down?
The current state of affairs in the BTC market is favorable and speaks in favor of a strong coin. However, it wouldn't be right if we only took into account the price dynamics as well as the direction of those price changes. At this point, the closest level of support for BTCUSD is $9300-9800 per coin. If the exchange rate breaks this area, we will probably witness an even stronger sellout. Does this scenario look real? Of course, it does.
The diagram reveals a bearish triangle, which is likely to be followed by a move down. The trading volume is gradually shrinking, which is obviousy something triggered by some temporary consequences. So, it's worth closely watching the BTC market behavior, especially if it reaches $9200 per coin. This area may well become a decisive threshold for the market for months to come. If the bulls hold the ground, we may well see another 12-month high, FortFS experts say.
Tatiana Dementieva
