Bitcoin price is maintaining the greens for 5 days in a row and managing to trade above $7,400 level. In the meantime, the majority of the crypto market is experiencing substantial losses. However, the continuous upward momentum has Bitcoin Dominance rising to 45.1 percent level, registering the increase of 13 percent from its all-time lowest about 32% in January.
Bitcoin still maintaining gains while altcoins losing value
It has been 5 days since Bitcoin has been continuously on the rise. This has been a pretty spectacular week for bitcoin. At the time of writing, Bitcoin has been riding at $7,464 with a market cap of $128 billion and $4.8 billion trading volume.
Though Bitcoin has been up by only 0.42 percent in the past 24 hours, it has managed to stay above the $7k level. However, a majority of the cryptocurrencies have been registering a significant loss in their values. The drop in the top cryptocurrencies’ prices (at the time of writing) involve, Ethereum (ETH) 3.51%, XRP 6.07%, Stellar (XLM) 6.91%, Cardano (ADA) 5.73%, IOTA (MIOTA) 6.41%, and Tron (TRX) 7.20%.
On June 15, the Bitcoin price started its upward trend from $6,250. This further went to $6,600 on July 16. The highest increase in bitcoin price registered on July 17, when it spiked from $6,700 to over $7,300 level. On this day, the entire crypto market has been experiencing substantial gains and the overall market cap reached $25 billion.
In the subsequent days, though the rise in price hasn’t been more than 1 to 2 percent, it remained stable and above the $7,400 mark.
Bitcoin dominance rises above 45%
Since the beginning of this year, Bitcoin dominance has been pretty low as it went from 65 percent in early December to 32 percent in the mid-January. This has been the all-time low of Bitcoin Dominance as other cryptocurrencies flourished in the market.
However, as the Bitcoin price kept a continuous upward movement despite the red in the market, the BTC dominance has yet again risen to 45.1%. There has been an increase of 13 percent in BTC dominance from the January’s lowest.
Though there is no surety if Bitcoin will maintain the greens, experts like BitMEX CEO and others believe Bitcoin price might raise close to $10k but is likely to test its lowest at $5k before it skyrockets and hit the predicted $50k, $60k or a higher level.
Experts are bullish that Bitcoin will hit a new high this year, however, if the stalled bulls, for now, are going to continue or take a step back is yet to be known.