Correlation Between Bitcoin and Gold Increases
Increase the correlation between Bitcoin and gold. After I lows recorded in mid-March, between March 13 and 16, the two found a specular trend. Although the intensity of gold at this time is better, so much so that it allows gold, with the jump of the last 10 days, to find a positive balance since the beginning of the year with a gain more than 6%.
On the contrary, Bitcoin, although it has lots of land reclaimed from the fall in mid-March, with a drop of between 60 and 70% in valuation, since the start of the brand year a negative balance with a loss of around 12%.
In general, today the week starts in green. 8 out of 10 are the cryptocurrencies above the parity with increases which do not exceed the double figure, but which always give the signal of a desire for reversal after the weekend with a particular weakness which signaled the most of crypto to test short term supports.
The movement that develops in the early hours of Monday brings values exactly where we left them last Friday.
It should be noted that, after 21 days, the longest strip since December 2017, when the value was much higher than the current one with significant upward movements, Bitcoin has traded in value for just under a billion dollars. However, trade remains well above the average for the last quarter.
The week we left was the third straight with an uptrend for Bitcoin, the second for Ethereum.
Among the big names, the rise Tezos (XTZ), the best of the first 20, followed by Crypto.com Coin (CRO) which with a jump of more than 7% overcomes the capitalization of Dash (DASH) and passes in 19th position.
With a jump of 2.5% daily, Tezos is trying to recover the ground lost last week by consolidating 10th position, followed by the token Leo (LEO) which has found in recent days the parity threshold with the dollar.
In 12th position monero (XMR) with a rise of just under 2% marks one of the clearest trends for a possible reversal in the medium term. In fact, after hitting lows at the same time as the rest of the sector on March 13, Monero’s trend marks higher ups and downs, to the point that the rise that accompanied short-term highs on Friday with prices return above $ 51, it is one of the best trends established among large companies with higher minimums and maximums.
The capitalization remains at the levels of the last days, a $ 175 billion, like the domination of Bitcoin at 65.5%, levels of last Friday. Ethereum also knows unchanged domination, at 8.3%, while it recovers the XRP which, thanks to the rise in prices over the weekend, regains 4.3% of market share, the highest level of domination since mid-February.
Among altcoins, Ripple and Monero score the best increase on a weekly basis, with a gain of more than 15%.
Bitcoin confirms that it is near the end of the bi-weekly cycle started by the double minimum between March 13 and 16. The downward movement that characterized the weekend is part of a retracement in line with the end of the two-week cycle. In the coming hours, it will be important to validate the lows recorded yesterday, Sunday, when prices experienced a dive below the psychological threshold of $ 6,000, recovered within hours. A minimum which corresponds to a support level of ten dollars higher than the minimum recorded exactly the previous weekend. This feature highlights how the relative period minima were recorded twice on weekends.
For Bitcoin, it is necessary recover the $ 6,600 as soon as possible to return to give a first bullish signal. A break above this level would most likely push prices up to a new high in the short and medium term.
Ethereum confirms the deduction of $ 125, ranges from $ 130. But unlike Bitcoin, it has an upward trend characterized by low purchase volumes and with decidedly congested volatility, and prices which have evolved since last Monday within a very narrow range.
Even pr Ethereum is technically close to a closure of the biweekly cycle. It will be very important for ETH to recover 140 dollars as soon as possible and to leave accompanied by volumes greater than 145 then 155 dollars.
Falling below $ 120 would continue to give Ethereum a bearish signal.
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