Bitcoin has broken above the psychological $6,000 level while constantly moving upwards and registering gains. As the BTC dominance rises above 50% and trading volume surges as well, it shadows the top altcoins which have started to rise in tandem with Bitcoin but at a much slower pace.
Bitcoin enjoying gains at $6,450
After the excruciatingly painful days of the red market, today is the day of celebration for the cryptocurrency investors, especially Bitcoin. During the past week, the Bitcoin price dropped just below $6,000 level and further threatened to drop lower. Analysts and experts have been predicting the price to hit a new low of this year.
However, as we can see in the 24-hour chart, Bitcoin is in the green at $6,450 (at the time of writing) while being up by 2.23 percent. The world’s leading cryptocurrency started seeing a stable pattern yesterday only before it moved upwards.
With a market cap of $111 billion, Bitcoin is registering a substantial increase in its 24 hours trading volume. Last week, the trading volume dropped down to about $4 billion which is currently at $6.7 billion, is the primary reason for an upward swing in Bitcoin prices.
On the weekend, we reported that the Turkey crypto exchanges are showing a surge in cryptocurrencies’ trading volume, especially Bitcoin that experienced a 63 percent increase. Paribu and BTCTurk crypto exchanges reported the spike of 100 percent and 35 percent respectively.
BTC dominance at over 50%, Bitcoin doing better than Altcoins
Bitcoin Dominance which has dropped down to about 32 percent in January this year, is breaking the records of the year. Since mid-May, the BTC dominance is slowly but surely seeing an upward movement. Today, BTC dominance has reached the All-Time High (ATH) of 2018 at 51.1 percent.
Moving on to the wider crypto market, Bitcoin is doing better than the top altcoins. To put it into perspective, the gains of the top 20 cryptocurrencies is lower than Bitcoin except for Stellar (XLM) which is up by over 9 percent and NEM (XEM) by 5.54 percent as shown here:
- Ethereum (ETH) – 0.15%
- XRP (XRP) – 1.06%
- EOS (EOS) – 1.69%
- Litecoin (LTC) – 1.01%
- Cardano (ADA) -1.66%
- IOTA (MIOTA) – 0.81%
- Tron (TRX) – 0.48%
Bitcoin is starting to gain investors’ attention around the world as the national currencies lose their value and see it as a good hedge against fiat crash. It is a possibility, we just might see a substantial spike in Bitcoin trading volume and prices as more and more investors’ flock towards the leading cryptocurrency.
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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