Bitcoin [BTC] price made a swift correction of nearly $700 after recording yearly highs near $11,250. It rose back above $11,000 again as the bullish continue to strengthen around it. The total market capitalization of Bitcoin is close to $200 billion.
The price of Bitcoin [BTC] at 5: 00 hours UTC on 25th June 2019 is $11,240. It is trading 4.4% higher on a daily scale.
During Q1 of 2019, the market dominance of Bitcoin was close to 50%. The investment in altcoins was possibly in anticipation of an altcoin bull run similar to 2017. However, the developments in Q2 with stablecoins and institutional investors have driven the altcoins into the shadows. While slight gains have been recorded on altcoins w.r, t US dollar, they continue to lose value to Bitcoin.
Ethereum [ETH], Bitcoin Cash [BCH] and Litecoin [LTC]
Ethereum [ETH] broke above the $300 during the recent bullish run of Bitcoin [BTC]. Moreover, while other cryptocurrencies like Litecoin lost close to 20% of value w.r.t Bitcoin [BTC], ETH is down around 10%.
Bitcoin [BTC] also showed positive momentum as it broke above $500. However, the move was soon corrected as the price is looking to find support near $480.
Litecoin rose about 50% during the beginning of the month due to halving speculations reaching a high of $140. Nevertheless, bullish BTC seems to be causing a shift in the belief of altcoin ‘hodlers‘.
XRP Testing 0.000042 BTC
While XRP continues to find support at the 0.47 level, the bull run in Bitcoin and stablecoin development in the market has put a lot of pressure of XRP. XRP has lot nearly 16% value with respect to Bitcoin since the beginning of the month.
Binance [BNB] Coin Hold Above $36
Binance [BNB] Coin has been one of the top gainers of the cryptocurrency market this year. The exchange backed token has seen an unprecedented rise this year with the increase of Binance Exchange and other associated product.
The price of Binance at 5: 00 hours UTC on 25th June 2019 is $36.9. It is trading at par on a daily scale.
Tron [TRX] and Monero [XMR] have also gained considerably, along with Bitcoin over the past few weeks. The price of TRX and XMR at 5: 00 Hours UTC on 25th May 2019 is $0.038 and $116. They are trading 1.5% higher on a daily scale.
The total market capitalization of altcoins has increased by about $15 billion since the beginning of the month. Many altcoins have gained slightly w.r.t. US Dollar. While the stability is somewhat reassuring, the rise is Bitcoin dominance is also creating FUD among altcoin holders. MoonOver Lord, anonymous crypto-analyst tweeted,
“The altcoin sentiment feels eerily similar to mid to late 2017 Bitcoin just went up and up and
$ALTS got smoked Then all of the sudden WHAM, a few alts lead the way and they started going 50, 100X out of nowhere I suspect this time will be no different, you won’t get a warning.”
On the other hand, many analysts also see this as an end to the altcoin market and the cryptocurrency bubble. Tone Vays, a Derivatives Trader and hedge fund manager, noted earlier that Bitcoin’s dominance could increase to about 90% in the future.
Do you think altcoin bull season will commence soon? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist 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