Bitcoin Surges Above $6,300, Hits Dominance Records From December 2017

Bitcoin Surges Above $6,300, Hits Dominance Records From December 2017

May 10, 2019

Friday, May 10 — bitcoin (BTC) has seen another rally today, having surged above the $6,300 price mark and hit market dominance records from December 2017, according to data from CoinMarketCap.

The major cryptocurrency is seeing the biggest gains out of the top 20 coins by market cap, up 4.4% over the past 24 hours at press time, while the rest of the top 20 list are seeing mixed signals. Binance coin (BNB) is down 4.3%, while cosmos (ATOM) is down 5.6% at press time.

Bitcoin is also seeing the biggest gains over the past 7 days, holding around 9.1% gains at press time.

Market visualization from Coin360

Bitcoin has continued hitting new 2019 records this week, having surged to as high as $6,353 earlier in the day. At press time, the biggest cryptocurrency is trading at $6,304 with a market cap of $111 billion. This is the highest share of the market since December 2017, when bitcoin was approaching its all-time high of $20,000.

Bitcoin 1-year price chart. Source: CoinMarketCap

At press time, bitcoin’s dominance rate accounts for 58% of the overall crypto market.

Percentage of total market cap (dominance). Source: CoinMarketCap

Ether (ETH), the second-largest cryptocurrency by market cap, is up 2.1% to trade at $172 as of press time, seeing almost equal gains over the past 7 days, up 2.7%.

Ether 7-day price chart. Source: CoinMarketCap

XRP, the third-top cryptocurrency by market cap, is slightly up 0.1% to trade at $0.298 at press time. However, the second-top altcoin is down around 3.3% over the past 7 days.

XRP 7-day price chart. Source: CoinMarketCap

Total market capitalization has surged to the volumes of mid-November 2018, accounting for $192 billion at press time. Daily trade volume amounts to $56 billion.

Total market capitalization 7-day chart. Source: CoinMarketCap

Yesterday, Galaxy Digital CEO Michael Novogratz predicted that bitcoin will break new all-time-highs within 18 months, adding that the $6,000 threshold is likely to be a stall point, while the next price point will be $10,000.

On the other hand, famous crypto sceptic Nouriel Roubini recently reiterated his negative stance on cryptocurrencies, claiming that “crypto is the mother and father of all bubbles.”

Meanwhile, the government of Liechtenstein recently passed new blockchain and crypto-related regulation in order to improve investor protection and establish more clarity in the industry.

While crypto markets have seen a major bullish move this week, global stock markets have seen a massive sell-off, with investors having withdrawn over $20.5 billion from global equities in the past week amid tensions between the United States and China, CNBC reports. At press time, the Dow Jones Industrial Average (DJIA) is down 0.3%, while S&P 500 (SPX) and Nasdaq (NASDAQ) Composite are both down around 0.2%.

Oil prices are seeing mixed signals at press time, with West Texas Intermediate (WTI) crude oil down 0.3% on the day, while Brent crude is slightly up around 0.1%, according to Oilprice.com. The OPEC basket dropped 0.8% as of press time.

Gold prices have seen mild gains today, with spot gold having edged up 0.1% to $1,285 per ounce at press time, while U.S. gold futures also gained around 0.1% to $1,287.

Source: Read Full Article