Is the correction already over on the cryptocurrency market?
Julien Moretto – 16 Sep 2020
It’s a bouncing week in the cryptocurrencies market, after the scare earlier in September. After barely holding its €8600 ($10,000) support, Bitcoin regained nearly 8% to reach €9200 ($10,900) on September 16. Ethereum also appreciates by 8% but some Altcoins are struggling more like EOS, NEM or even Tron which loses 21%. On the contrary, some names of the decentralized finance (DeFi) such as Yearn.Finance (YFI) are already recovering strongly with +60% over the week.
The only question now is whether this correction was just a short one within a major bull market, or whether future declines await us. We should remain cautious as Bitcoin approaches the key €9300 ($11,000) zone where sellers could regain the upper hand. A second bearish phase will probably bring the price below the symbolic $10,000 level. All this in a global economic context where everyone is wondering about the real potential for economic recovery in this new season still marked by Covid-19.
- According to CoinGecko, Market capitalization rebounds well to $352 billion, up from $330 billion last week..
- Bitcoin’s dominance also increased to 57.2%, up from 56.6% last week..
- The best performance in the top 50 is attributable to Yearn.finance (YFI) with +58% over one week.
We invite you to discover our analysis in video ( in French and dated from September 15) :
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