LTC, BCH Break $100 and $400; Stellar Leads Alt-Gains As Bitcoin’s Dominance Drops

The attention that the cryptocurrency markets is currently attracting can be mostly attributed to the price surge in Bitcoin [BTC]. However, since the beginning of this week, all major altcoins including Ethereum, XRP, Bitcoin Cash [Cash], Binance [BNB] coin, Tron [TRX], Stellar [XLM] and so on have firmly established their presence as well.

Furthermore, as Bitcoin continued to trade below $8350, and no more highs were recorded, the altcoin dominance grew too. On a daily scale, all the altcoins traded in the green in the past day. The percentage dominance of Bitcoin fell by almost 5% from 60%. It corresponds to almost $12.5 billion disparity created in a day.

The rise on all altcoins was in double digits early on 16th May 2019. While the top altcoins continued their unprecedented rise, the Mid-Cap and Small-Cap altcoins gained equivalently on a daily scale.

Altcoins BTC
Altcoin Vs BTC percentage Gains on a daily Scale (coin360)

Ether [ETH], Bitcoin Cash [BCH] and Litecoin [LTC] Reach New Milestones

The rise on Ethereum [ETH] has been extremely bullish since the past couple of days. Ethereum broke above the $250 resistance as well as. The price of Ethereum at 4: 30 hours UTC on 16th May 2019 is $263. It is trading higher 18% on a daily scale. On a weekly scale, the rise since 13th May is 43%.

Also read: Ethereum [ETH] Price Just Crosses $240 – Is Ethereum Dapp Bet the Reason Behind Rally?

ETHUSD
ETH/USD 1-Day Chart on Coinbase (TradingView)

Litecoin [LTC] broke $100 mark while Bitcoin Cash [Cash] also broke above $400. The price of BCH and LTC at 4: 30 Hours UTC on 16th May is $102 and $425 respectively.

BCHUSD
BCH/USD 1-Day Chart on Coinbase (TradingView)

Stellar [XLM] Becomes Top Gainer

The gains on XLM were higher than most cryptocurrencies as it gained above 30% on a daily scale. Stellar Lumens rose 50% from $0.1 level since the past two days as it broke above $0.15 early on 16th May 2019.

The trend reversal on Stellar is visible in the Bitcoin [BTC] chart as XLM/BTC which fell continuously in the past month, gained 45% since its low at 0.00001274 BTC. The price of Stellar [XLM] at 4: 30 hours on 16th May 2019 is $0.1466.

XLM/BTC 1-Day Chart on Bittrex (TradingView)

The rise on all the other altcoins was impressive mostly in the 10-20% range. The total market capitalization of altcoins broke above $250 billion.

Also Read: Ripple’s XRP and Ethereum Fight for 2nd Place Behind Bitcoin In The Wake of a Bull Run

The total market dominance of the altcoins is near 45%. Moreover, the dominance of Ethereum and XRP is 11% and 7.5% respectively. The current market capitalization of the cryptocurrency market is about $260 billion.

Do you think that market distribution between Bitcoin and altcoins will lead to further gains? Please share your views with us. 

Summary

Crypto-Market Update: LTC, BCH Break $100 and $400; Stellar Leads Alt-Gains As Bitcoin's Dominance Drops

Article Name

Crypto-Market Update: LTC, BCH Break $100 and $400; Stellar Leads Alt-Gains As Bitcoin’s Dominance Drops

Description

The attention that the cryptocurrency markets is currently attracting can be mostly attributed to the price surge in Bitcoin [BTC]. However, since the beginning of this week, all major altcoins including Ethereum, XRP, Bitcoin Cash [Cash], Binance [BNB] coin, Tron [TRX], Stellar [XLM] and so on have firmly established their presence as well. 

Author

Nivesh Rustgi

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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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