The cryptocurrency market had entered a weekend rather quietly. However, the end to it has been euphoric. Bitcoin [BTC] gained above 7.5% in a very short interval of time as it breached another yearly high near $8750-$8800. The dominance of Bitcoin [BTC] rose above 57.5% once again as the confidence in Bitcoin [BTC] continues to grow.
The price of Bitcoin [BTC] 21: 00 Hours UTC on 26th May 2019 is $8578. It is trading 6.4% higher on a daily scale.
The rise has taken the entire market by surprise because the activity on Sunday is expected to be on the quieter side. The total market capitalization of Bitcoin [BTC] breached $150 billion for the first time this year.
Moreover, until now, no specific market indicators have been identified to justify the rise; just that the bullish momentum on Bitcoin [BTC] has recorded another leg-up. However, it is significant as the yearly rise on Bitcoin has now moved up to 137% in 2019. Moreover, from the bottom at $3150, it is nearing 3X valuation.
The altcoins market action has been temporarily on hold as Bitcoin [BTC] alone continues to drive the market. The rise in altcoins is more often than not proportional to Bitcoin due to the close ties with it over the cryptocurrency spot exchanges.
The total market capitalization of cryptocurrencies rose above $265 billion almost all coins traded in green w.r.t the US Dollar. Nevertheless, the altcoin traders and holders will have a decision to make to choose the dominant side with Bitcoin [BTC] to stick to their beliefs in the specific altcoins as well. Dovey Wan tweeted about the altseason which was quite ominous for altcoins holders.
BTC dominance is now above 57% (when 51% is a very hard resistant even during bear market) Not sure abt Alt season is a thing this time for numerous reasons (will have another thread abt it)
However, Bitcoin proponents and believers would surely celebrate the new high on Bitcoin this year. Ona further brighter side Mati Greenspan, the Senior Market Analyst at eToro, expected to euphoria to increase with the Eastern market about to open in a couple of hours. He tweeted,
Can't wait for the Asian session. pic.twitter.com/VUb5S1VgEX
— Mati Greenspan (@MatiGreenspan) May 26, 2019
Do you think Bitcoin [BTC] will touch $10000 this week or it will finally the significant pullback we’ve been waiting for? 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