The crypto market at the dawn of a key movement for 2020
Julien Moretto – 10 Jun 2020
There’s a palpable impatience in the crypto market this week. Bitcoin has been trading below €8,900 ($10,000) since early May. The asset is trading around €8,600 ($9,700) on June 10, up just 1% over a week. It has maintained a medium-term uptrend since mid-March but has failed to reach significant market highs above the symbolic $10,000 mark. The direction of the next volatile movement will be important and will set the trend for the coming months.
Altcoins again remain correlated to the ”King Bitcoin” in the majority of cases. Nevertheless, this week sees two top 50 assets stand out: Kyber Network (KNC) with +45% and Maker (MKR) with +56%. The decorrelation seems to be finally taking place between the stock market and the crypto market. The former is continuing to rise while the latter has been stagnating for about a month. Let’s analyze it.
- According to CoinGecko, Market capitalization is up slightly to $277 billion, up from $270 billion seven days ago.
- Bitcoin’s dominance remains stable at 64.5% this week.
- The Altcoin Maker (MKR) offers the best performance of the top 50 with +56% over the week.
- Institutional investors are prepared to pay a premium of around $1500 for exposure to ETH
We invite you to discover our full analysis in video (recorded in june 10, in french)
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