Bitcoin [BTC] Reaches 2X from Bottom at $6300; Alts ETH, LTC, BCH and XRP Hurt

Bitcoin records twice the price it fell to during the bear market in December 2018 as it traded above $6300 on 8th May 2019. The price of Bitcoin at 3: 30 Hours UTC on 9th May is $6302 on Coinbase. It is trading 2.58% higher on a daily scale.

The total market capitalization of Bitcoin at press time is above $111 Billion. Bitcoin crossed $100 billion dollars a week ago, since then it has added another $11 billion to its MCap.

Bitcoins
BTC/USD 1-Day Chart on Coinbase (TradingView)

A more interesting statistic was observed while comparing the Bitcoin and Altcoin markets. The market dominance of Bitcoin is above 58%. The last time the market dominance was this high, was during the bull run of 2017 in Q4. The sentiments of altcoins traders were more positive than they are now.

Bitcoin market dominance
Market Dominance of Bitcoin (CoinMarketCap)

Moreover, the recent market gains have made the altcoin traders weary as the price w.r.t to Bitcoin paints a very grim picture as altcoins continue to test support levels.

Also Read: Bitcoin [BTC] Price Analysis: Surges to 6-Months High – This Breakout Has Legs

Ethereum [ETH], Bitcoin Cash [BCH] and Litecoin [LTC]

Ethereum [ETH] continued to trade around the support levels near $170. Bitcoin Cash [BCH] and Litecoin [LTC] also traded in a small range in the red. The price of BCH and LTC at 3: 45 Hours UTC on 10th May 2019 is $281.34 and $73.31.

LTCUSD
LTC/USD 1-Day Chart on Coinbase (TradingView)

Bitcoin Cash dropped by 3.47% on the daily, while Ethereum [ETH] and Litecoin [LTC] by 0.39% and 2.96% respectively. Furthermore, for cryptocurrency traders the price w.r.t. Bitcoin painted an even grimmer image. The price of Litecoin and Ethereum fell by 6% w.r.t. BTC.

EOS, Monero [XMR] and Binance [BNB] Coin

Similar to Litecoin [ETH] and Bitcoin Cash [BCH], the losses in Monero and EOS was around 4% on a daily scale w.r.t. USD. However, Binance [BNB] broke below $20 trading 10% lower on a daily scale. The price of EOS and XMR at 3: 45 Hours UTC on 10th May 2019 is $4.72 and $64.64 respectively.

XRPBTC
XRP/BTC 1-Day chart on Bitstamp (TradingView)

XRP and Stellar equivocated the average loss in the market among the larger Mcap cryptocurrencies. Moreover, the price of XRP broke below $0.3 and 0.00004750 BTC as Stellar too broke below $0.1.

Do you think that Bitcoin will completely over-shadow altcoins or altcoins can still make a comeback? Please share your views with us. 

Summary

Crypto-Market Update: Bitcoin Reaches 2X from Bottom at $6300; Alts ETH, LTC, BCH and XRP Hurt

Article Name

Crypto-Market Update: Bitcoin Reaches 2X from Bottom at $6300; Alts ETH, LTC, BCH and XRP Hurt

Description

Bitcoin records twice the price it fell to during the bear market in December 2018 as it traded above $6300 on 8th May 2019. The price of Bitcoin at 3: 30 Hours UTC on 9th May is $6302 on Coinbase. It is trading 2.58% higher on a daily scale.

Author

Nivesh Rustgi

Publisher Name

CoinGape

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


Nivesh Rustgi

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