Shortly after Bitcoin rose above the $6000 mark, the crypto king progressed forward way above $7000. Before this, it had been about six months since the anticipated rise of Bitcoin to at least $6,000 and finally beat expectations on Friday, May 10.
By Sunday, May 12, Bitcoin’s price moved up to $7,500; commonly known as the world’s largest cryptocurrency by market capitalization it marked a resurgence in the whole crypto market. Although bitcoin may have hit higher marks in the past couple of years before its downward spiral, this is the first time since August 2018 the value has gotten above $7000
Bitcoin’s market capitalization accounts for the better half of all the total cryptocurrency market and more. It specifically jumped to $7,577 at 13:36 GMT Sunday from its previous $6052(estimated on Friday) according to coinratecap’s data index. After the price rally of over a10% increase, it was also a 24-hour trading volume surge into a record high of $29.33 billion.
Since the bitcoin surge, other coins (altcoins) like BTC, tezos, bitcoin gold, are emitting some more life and this may mean a drop in bitcoin’s dominance rate in the nearest future. The usual measure of an asset’s market share against that of other cryptocurrencies bitcoin’s dominance rate is the asset’s dominance rate. Bitcoin’s dominance rate has hit a 17-month high of 59 percent from the former data record on Friday of 56.8.
Litecoin, EOS, XRP, and Binance coin, highly ranked cryptos like bitcoin, each gained 6 to 9 percent on a 24-hour measure and Total market capitalization has risen to a six-month high of $219 billion. This spells a good future for altcoins in general. Soon enough soon altcoins will make better ranks on the crypto-board.
The market must have gone off the walls as the change took place probably rendering bitcoin overbought as the current trading price on Monday morning is at $7,024, at the time of this writing.
Credits- Sebastian SinclairJOIN OUR COMMUNITY