Bitcoin Rally Brings Dominance To A 17-Month High, Altcoins Struggling

The crypto markets had a phenomenal day with Bitcoin pushing safely above $6k and hitting a new high for this year. The crypto board is a little tame though as Bitcoin eats the market once again. Most of the altcoins are red with only a few riding the Bitcoin wave. The market capitalization jumped to $192.6 Billion from yesterday’s $188 Billion -a 2% addition which was largely due to the Bitcoin surge. The 24-hour volume has climbed to $55.7 Billion, the highest its been for this week.

Bitcoin pushed beyond $6k stronger than expected and it hit $6300 during the Asian trading session. At the time of this writing, it is trading at $6317 with a 3.76% gain on the day. The 24-hour volume has surged to $18.4 Billion. This upward movement has brought the market capitalization towards $111.7 Billion bringing its dominance to a 17 month high at 58%. It does not look like the momentum is petering out soon despite the coming weekend which is traditionally on the low side. If it hits $6400 this weekend, the next level could aim for $7k.

Bitcoin market graph 05/10/2019

Ethereum moved 1.48% on the day to trade at $173.86. This is still a little slow if following Ethereum standard movement when its big brother moves upwards. Ethereum has been sluggish recently and there has been little momentum for Ethereum since the CTFC news that brought it upwards to $170. While it continues to go upwards, it is continuously losing strength. XRP, this quarter’s Top 10 underachiever has moved almost imperceptibly towards $0.30 with a 0.06% gain on the day. Its gap with Ethereum is now at $5.8 Billion.

Ethereum market graph (Tradingview) 05/10/2019

Top 100 Crypto Market Movers

The altcoins are lagging behind and is a mix of red and green at the time of this writing. Litecoin has been leading the Top 10 as it gained 2.31% on the day to trade at $76.16. Cardano is the only other coin with a decent green at 1.12%. The rest are red, led by Binance Coin with a loss of -5.05%.

The Top 25 is mixed as well. Chain has lost -3.27% on the day but the biggest loser is still Cosmos shaving another -7.66% from its Binance listing gains to bring it to $3.83. On the other end, Basic Attention Token has recovered from its malaise with an 11.01% jump today. Ontology, IOTA, and Bitcoin SV are at 0-2% gain while the rest are still losing.

Down the Top 100, Arcblock is still madly pumping, taking home 34.04% gains on the day. Arcblock is joined by Waltonchain, Truechain, and Chainlink on the double-digit gains list -earning 10-15% on the day. There are no big dumps happenning at the time of this writing.

Anyhow, this is today’s market recap to give you a glimpse of what happened on the crypto markets while you were sleeping. Trade safe, and have a great Friday!

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