‘Bitcoin maximalist’ is a popular term in crypto-sphere, its for people who prefer Bitcoin over other traditional assets and other altcoins as well. The current market scenario suggests that Bitcoin’strength is on the rise after the much anticipated ‘golden cross‘, while the altcoins seem to have taken a step backward.
The total dominance of Bitcoin over the cryptocurrency markets increase by more than 3% since the beginning of the week. The total market capitalization of the altcoins lost over $3 billion in 24 hours. While Bitcoin crossed broke $5600 on Tuesday.
The price of Bitcoin at 4: 00 hours UTC on 24th April is $5601. It is trading 2.57% higher on a daily scale.
Litecoin [LTC] and Binance [BNB] lose more than 4%
One of the biggest gainers during the March 2019 alt-run, Litecoin [LTC], lost significant value on Tuesday as momentum started to shift towards Bitcoin [BTC]. The price of Litecoin at 4: 00 hours UTC on 24th April 2019 is $74.16. It is trading 4.17% lower on a daily scale. Moreover, w.r.t to Bitcoin it lost about 6.5% of its value trading at 0.01324 BTC.
Binance (BNB) coin, ranked just below Litecoin according to total market capitalization also lost about 4.86% on a daily scale. However, it reached its All-Time of $24.9 again as Binance Exchange continues to grow and expand rapidly. The price of Binance (BNB) at 4:00 hours UTC is $22.63.
Cardano’s ADA also lost 5.16% on a daily scale. However, it was trading higher on Tuesday hence, the loss has been buffered. The 2-day loss on ADA is less than 1% at 0.5%. The price of Cardano’s ADA at 4: 10 hours UTC on 24th April is $0.0749.
Altcoin Traders See a ‘Sea of Red’
Bitcoin’s rise and altcoin decline increases the apparent loss for altcoin traders because the value of altcoins decreases considerably in Bitcoins.
However, Basic Attention Token (BAT) stood out among the altcoins with an impressive gain after its pullback on Tuesday. the price of Basic Attention Token (BAT) at 5: 00 hours UTC on $0.43099. It is trading 10.08% higher on a daily scale.
The price of Ethereum at 4: 30 hours UTC on 24th April is $170.51. The price w.r.t to Bitcoins 0.0302400 BTC, it is trading 2.34% lower on a daily scale.
XRP which is one of the least performing cryptocurrencies of 2019, continues to trade in the same range it has maintained for the past four months (breaking trend occasionally but soon falling back). The price of XRP at 4: 30 Hours UTC on 24th April is $0.32.
Recently, the market was anticipated Tone Vays, a chart analyst and crypto trader also noted that:
“Today its [Bitcoin] greatest asset is the fact that it is the ONLY Trustless project that exists in the world & that is what give it its Decentralization & Financial Valuation. The OTHERS [Altcoins] are STATUS QUO.”
Do you agree with the anslyst? What will come first, Bitcoin rise or alt season? 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