Bitcoin bears have taken a rest for now as the price climbs to 6,350 level and the market cap recovers $20 billion. While some like the president of Xapo believes altcoins will get wiped out with the recession, today reflects a completely opposite picture as altcoins experience substantial gains.
Bitcoin bears take a backseat, bulls driving the prices
Bitcoin is yet again in the green and enjoying the upward momentum as prices make its way to $6,500. After weeks of constant decline, today, the prices made a small recovery. From the $6k support, bitcoin constantly moved upwards, touching $6,470 at one point.
The total market cap that lost $30 billion, has recovered about $20 billion. Yesterday, the market capitalization has plunged to $190 billion but today, managed to jump above $200 billion marks. At the time of writing, Bitcoin has been trading at $6,300 with an upward swing of over 5 percent. With a trading volume of $4.5 billion, currently, the BTC dominance is at 53.7%.
As BTC dominance keeps on rising, some believe altcoins will take a hit giving way to Bitcoin. The President of Xapo, Ted Rogers shares these sentiments as recently stated that the ongoing crypto recession will wipe out a majority of the altcoins from the market. This will bring an opportunity for the investors to buy bitcoin at a discounted price. However, this is not the case for any time soon, at least as altcoins make a recovery in the range of 3 to 15 percent.
Altcoins on the up & up
As the market sees green, the entire crypto market experience the gains. Ethereum (ETH) has climbed to just above $280 level with about 7% gains while XRP is up by over 8% at $0.285. Stellar (XLM) is sitting at $0.219 with about 2% gains whereas Cardano (ADA) is just shy of closing $0.1. However, a few of the altcoins are enjoying substantial gains, coming out as the winners.
- Nano (NANO) rising over 21%
Ranked 45th, Nano started from $0.86 and reached at $1.12 at one point. Currently at $1.06, with a market cap of $141 million while up by over 15% in the BTC market as well.
- Basic Attention Token (BAT) Up by 19%
BAT token has a lot of potentials that keeps on making new developments and headlines in the market. It’s no surprise that it is enjoying a surge of 19% at $0.19.
- Qtum QTUM) surges by 16%
At $4.43, Qtum touched $4.70 at one point while managing the daily trading volume of $189 million.
- Tron (TRX) gains by 11%
The world’s 11 largest cryptocurrencies, Tron hasn’t been faring well for the past week. Today, with a new exchange listing, Tron yet again went from $0.017 on yesterday to currently exchanging hands at $0.019.
- IOTA (MIOTA)
Just a step below Tron, IOTA is one of the few cryptocurrencies that is actively working on real-world use cases. With a rise of 9.58%, at the time of writing, it was riding at $0.46.