The cryptocurrency market has been kind to Bitcoin lately, making it grow significantly since the start of April 2019. It even surpassed $6,000 lately and has been growing from there to reach $6,300 today. The most remarkable event in all this is that Bitcoin has reached over 100% of its price since the 2018 low brought about by the crypto market crash.
Dominance surpasses all-time high
Not only has Bitcoin price doubled, but the cryptocurrency’s dominance has also risen to 61%. This is just 5% short of the all-time high dominance of 66.5% in 2017 during the bull run that took Bitcoin to $20.000. This is a new all-time high since then, although the dominance hit an all-time high of 57.26% just yesterday 9 May 2019. The market cap has also risen to $111 billion at the time of writing this article.
Bitcoin gained 70% yesterday after getting back its November 2018 level with a staggering volume growth which Bitwise estimated to be $270 million in March. While all these have happened already, Bitcoin price is expected to go higher as it was able to break the $6,000 resistance although it took some time to do so.
While Bitcoin has done extremely well especially in the last few days and is expected to go higher, there are some who believe the asset could crash below $5,000 in the coming weeks. Crypto market analyst Josh Rager said this is necessary because the asset needs a pullback and may dip as low as $4,800 as its potential for pushing past $6,400 is not very promising. although he agrees that Bitcoin will head upwards eventually, he also thinks one more dip is imminent before the final emergence from the bears’s grip.
At press time, Bitcoin is trading at $6,296, mostly hovering over $6,300. The next move for Bitcoin will be interesting to see, whether to the top or downward. For now, the crypto community is enjoying the phenomenal growth of the number one asset although the altcoins can’t boast of the same.
A cryptocurrency enthusiast, author, and investor with high motivation in cryptocurrency/blockchain research and writing. He loves birdwatching and traveling. Follow him on Twitter at @Ponvangbu