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.
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.
Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com