Bitcoin Steady Above $6,000 As The US Surpasses China In COVID-19 Cases: The Crypto Weekly Update

In the past seven days, bitcoin managed to add another 10% to its dollar-value as the price spiked from about $6,000 to its current point at $6,600. Yet, most of the time, it traded within a narrow range between $6,400 and $6,700. The overall volume has also declined, and, as such, the volatility decreased. If one thing is sure, though, is that Bitcoin doesn’t like to stay calm for long periods, and major action is likely underway.

Most of the altcoins are following in Bitcoin’s lead and remained stable over the week. This is the main reason for which Bitcoin’s dominance almost didn’t move a bit and is only up a tiny 0.2%. The cryptocurrency that stands up on top of the crowd over the last seven days is XRP, as it’s up about 19% from its low seven days ago, with the majority of it gained today.

The overall economic outlook, however, continues to look troublesome. The US is working on a bill that would allow the Federal Reserve to print trillions of dollars in the form of stimulus for the economy.

While this is providing certain short-term relief and the major indices are seemingly recovering, a lot of experts and analysts fear that this would have a terrible long-term effect on the Dollar and the economy.

This week was also interesting from another standpoint. Bitcoin seems to be decoupling from traditional stocks. According to many industry proponents, that’s what the cryptocurrency needs to shine in the unwinding global financial crisis.

It remains interesting to see where the markets will head, especially now as the US has officially surpassed China in terms of infected people with the novel coronavirus (COVID-19).

Market Data

Market Cap: $185B | 24H Vol: $114B | BTC Dominance: 65.5%

BTC: $6,642.35 (+0.06%) | ETH: $136.62 (+0.92%) | XRP: $0.176 (+9.10%)

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