Bitcoin price is still in the downtrend of the market, Altcoin market find a way out
Bitcoin price today is trading around $ 8,125. Frequently, every time the weekend comes, the cryptocurrency market will more or less fluctuate. Almost all cryptocurrencies have increased/decreased slightly from 2% – 5% in the last 24 hours.
Bitcoin is still dominant in the market
At the moment, Bitcoin still dominates (almost) absolutely with the cryptocurrency market. According to statistics from CoinMarketCap, the Bitcoin Dominance Index is currently at 68.2%, on the journey to find the 70% milestone. Even so, Bitcoin price is still hovering around $ 8,000 – $ 8,100.
Despite the sharp change in transaction volume and demand in the $ 8,000 zone, Bitcoin prices have been in a downtrend for months. For Bitcoin to be sufficiently motivated to increase at this time, the market’s leading cryptocurrency needs to seek support on key resistances, especially at $ 8,500 per week.
CME Corporation will launch the options on Bitcoin futures (BTC) on January 13.
Options on Bitcoin futures are coming on January 13, bringing greater capital efficiencies and flexibility in managing bitcoin price risk. https://t.co/BRElrAuehQ pic.twitter.com/234XNApjDL
— CMEGroup (@CMEGroup) January 8, 2020
Analysts at JPMorgan Chase & Co. has detected a 69% increase in interest from the end of the year in CME’s current Bitcoin futures contracts.
Bitcoin futures open interest (OI) started the first four trading days with 5.4K contracts on January 7, up 69% from year-end OI. https://t.co/rkPfdlSyeB pic.twitter.com/Dnm1h4Jrcu
— CMEGroup (@CMEGroup) January 9, 2020
They also note that a large number of interest rate holders have chosen. This indicates an increase in institutional benefits before the launch of options. However, since Bitcoin price action has been mixed in previous starts of such services, it is difficult to predict a move based solely on the event.
As AZCoin News reported, Bitcoin halving has not yet been priced into Bitcoin’s price. However, they predict Bitcoin will increase by more than 100% this year. Heightened geopolitical tensions and U.S. presidential elections later this year could also act as catalysts for Bitcoin.
The Altcoin market is also swaying at today’s Bitcoin price
The second-largest cryptocurrency in the market is Ether, currently hovering around $ 144. This number one altcoin has slightly decreased during synchronization with Bitcoin, recording a reduction of about 2% at press time. However, this altcoin has increased by 7% in the past seven days.
The 3rd ranked cryptocurrency, XRP, is no exception in today’s mixed trend. XRP is currently trading at $ 0.213, down nearly 2% at the time of writing. Over the past seven days, XRP has increased by 11%.
Most of the top 20 cryptocurrencies in the market have fluctuated. In particular, NEO is the “leading” name, up nearly 2% on the day. In contrast, Cosmos (ATOM) slightly decreased by about 3% during the day.
Total crypto market capitalization is currently at $ 216 billion. In particular, the Bitcoin Dominance Index is reaching 68.2%.
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