The attention that the cryptocurrency markets is currently attracting can be mostly attributed to the price surge in Bitcoin [BTC]. However, since the beginning of this week, all major altcoins including Ethereum, XRP, Bitcoin Cash [Cash], Binance [BNB] coin, Tron [TRX], Stellar [XLM] and so on have firmly established their presence as well.
Furthermore, as Bitcoin continued to trade below $8350, and no more highs were recorded, the altcoin dominance grew. On a daily scale, all the altcoins traded in the green in the past day. The percentage dominance of Bitcoin fell by almost 5% from 60%. It corresponds to almost $12.5 billion disparity created in a day.
The rise on all altcoins was in double digits early on 16th May 2019. While the top altcoins continued their unprecedented rise, the Mid-Cap and Small-Cap altcoins gained equivalently on a daily scale.
Ether [ETH], Bitcoin Cash [BCH] and Litecoin [LTC] Reach New Milestones
The rise on Ethereum [ETH] has been extremely bullish since the past couple of days. Ethereum broke above the $250 resistance as well. The price of Ethereum at 4: 30 hours UTC on 16th May 2019 is $263. It is trading higher 18% on a daily scale. On a weekly scale, the rise since 13th May is 43%.
Litecoin [LTC] broke $100 mark while Bitcoin Cash [Cash] also broke above $400. The price of BCH and LTC at 4: 30 Hours UTC on 16th May is $102 and $425 respectively.
Stellar [XLM] Becomes Top Gainer
The gains on XLM were higher than most cryptocurrencies as it gained above 30% on a daily scale. Stellar Lumens rose 50% from $0.1 level since the past two days as it broke above $0.15 early on 16th May 2019.
The trend reversal on Stellar is visible in the Bitcoin [BTC] chart as XLM/BTC which fell continuously in the past month, gained 45% since its low at 0.00001274 BTC. The price of Stellar [XLM] at 4: 30 hours on 16th May 2019 is $0.1466.
The rise on all the other altcoins was impressive mostly in the 10-20% range. The total market capitalization of altcoins broke above $250 billion.
The total market dominance of the altcoins is near 45%. Moreover, the dominance of Ethereum and XRP is 11% and 7.5% respectively. The current market capitalization of the cryptocurrency market is about $260 billion.
Do you think that market distribution between Bitcoin and altcoins will lead to further gains? 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