Bitcoin fell by almost 10% briefly after a sudden surge above $9000 on Thursday 30th May 2019. On Friday, it was trading below $8300, which increased the probability of a downside. However, Bitcoin [BTC] re-claimed its price above $8550 later the same day.
The price of Bitcoin [BTC] at 4: 15 hours UTC on 1st June 2019 is $8550. It is trading 3.58% higher on a daily scale.
The altcoins have been tightly coupled with Bitcoin [BTC] for the last couple of months. This is due to high dominance and higher adoption by institutions for Bitcoin alone. Moreover, with the regulation stalled on Bitcoin [BTC], the altcoins also cannot make significant progress. The dominance of Bitcoin [BTC] over the cryptocurrency markets is above 55.6% at the moment.
Ethereum [ETH], Litecoin [LTC]
Ethereum and Litecoin gained above 6% as Bitcoin [BTC] reversed its momentum towards green again. The price of Ethereum and Litecoin has been closely related to Bitcoin [BTC] price movements.
The price of LTC and ETH at hour UTC in 2019 is $115 and $270. They are trading about 6.5% higher on a daily scale.
EOS Threaten Bitcoin Cash [BCH] for 4th Position
Bitcoin Cash [BCH] also gained 5%. The price of Bitcoin Cash [BCH] at 4: 25 hours UTC on 1st June 2019 is $442. It is trading 4.88% higher on a daily scale.
Furthermore, the fourth position of Bitcoin Cash [BCH] with respect to total market capitalization is currently under threat from EOS. Block.one is expected to make a huge announcement today which has led to the price built up.
XRP and Binance [BNB] Coin
XRP is one of the most popular cryptocurrency because of its association with both: the decentralized system and the centralized world. The price has been on a steady growth again from the past couple of weeks.
The price of XRP at 4: 15 hours UTC on 1st June 2019 is $0.437. It is trading 4.52% higher on a daily scale.
Binance [BNB] Coin which is near its All-Time High also rose back above to trade in the green. Moreover, since Exchange operations back BNB, its price is slightly less correlated to Bitcoin [BTC].
The price of Binance [BNB] Coin at 4: 30 hours UTC on 1st June 2019 is $32.5. It is trading 4.14% higher on a daily scale.
Some of the other cryptocurrencies with gains are Cardano’s ADA, IOTA and Tron [TRX] with near 7% gains on a daily scale. The total market capitalization of the cryptocurrency market is $272 billion.
Do you think that the altcoins with lead gains over Bitcoin [BTC] in an all-season? 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