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.
Nivesh from Engineering Background is a full-time Crypto Journalist 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