The price of Bitcoin [BTC] at 2: 30 Hours UTC on 3rd May 2019 on Coinbase is $5433, while the price reported on Bitfinex is $5808. The Weighted Average reported on CoinMarketCap is $5558. It is trading 2.89% higher on a daily scale on an average. Bitcoin rose for the fourth consecutive day with a rise of 5.7% since the beginning of the week.
Therefore, it suggests that the Bitfinex Premium is driving the demand of Bitcoin as it nears $100 billion market capitalization on an average. The total market capitalization of Bitcoin is $98.6 billion. The dominance of Bitcoin over the cryptocurrency market is 54.9%.
BTC/USD 1-Day Chart on Bitfinex (TradingView)
Altcoin Traders Feel a Sense of Loss
While Bitcoin [BTC] is making a move, altcoins have stayed put w.r.t FIAT currencies. Hence, the altcoin Hodlers receive a smaller amount of Bitcoin in exchange, which can be perceived as a loss. Almost all of the top coins according to market capitalization felt the pressure of the bears and Bitcoin maximalists.
Ethereum [ETH], XRP, Stellar [XLM], Monero [XMR], Bitcoin Cash [BCH], Tron [TRX] held a very moderate rise which can be attributed to the inflation in Bitcoin [BTC] prices.
Furthermore, Litecoin [LTC] and EOS were more tightly coupled with Bitcoin [BTC] as the loss of Litecoin w.r.t. BTC was less than a cent. The price of Litecoin at 3: 00 Hours UTC on 3rd May 2019 is $74.87. It is trading 2.09% higher on a daily scale.
Binance [BNB], Cosmos and Tezos [XTZ] Lead Altcoin Run
Binance [BNB] Coin which is one of the best performing coins in terms of price in 2019, continued to trade around its All-Time High price resistance near $24. The price of BNB at 3: 00 Hours UTC on 3rd May 2019 is $23.35. It is trading 6.62% higher on a daily scale.
Tezos (XTZ) and Cosmos (ATOM) surged on a daily scale as well as they trader 8.04% and 12.89% higher. Recently, Cosmos has been gaining considerable traction in the market with inclusion by top Exchanges, including Binance and Huobi. The price of XTZ and ATOM at 3: 00 Hours UTC on 3rd May 2019 is $1.31 and $4.89 respectively.
Which altcoins do you think will be coupled to the rise of Bitcoin [BTC] if it happens further? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com