Bitcoin Dominance At 17 Month High As Altcoin Assault Continues
Crypto markets are surging again and have just hit a new
2019 market capitalization high of over $190 billion. Bitcoin is largely
responsible for the momentum which is great news for the crypto industry …
unless you are an altcoin holder. In a scene reminiscent of the big bull run of late 2017,
Bitcoin continues to chomp away at altcoins as it surges to new highs not seen
for six months.
During Asian trading this morning BTC pumped in a further 3.3% on the day to touch $6,290, its highest price since before volume has surged to $18 billion and Bitcoin’s dominance has reached an epic 17 month high of 58%. The last time BTC held so much of the market was during its monumental spike in December 2017 when dominance peaked at 64%. Crypto market dominance over 2 years.
A number of altcoins are dumping heavily though such as Cosmos sliding 9%, Bitcoin Diamond and Binance Coin dumping 7%, and Stellar, Tron and Tezos losing 4%. Crypto observers are already singing the swan song for altcoins but we have all seen this type of market action before so it is nothing new really; Where Next For Bitcoin? Either way, Bitcoin continues to high new highs for the year bringing market cap up with it.