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.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst 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