Bitcoin Increases Dominance Figure In The Crypto Market
The recent trend in the crypto market looks like Bitcoin is going through a different day, different all-time high syndrome. While the crypto market was still celebrating the digital asset breaking above the $26,000 market on boxing day, Bitcoin yet again gave them all to smile for as it has yet tested its new $27,000 price mark.
The digital asset is presently trying to breach $28,000 with the same bullish run said to be absent in a few other digital assets’ momentum. With other digital assets failing to follow suit in the process, the premier digital asset’s dominance figure has yet catapulted, reaching 70%.
Bitcoin presently eyeing the $28,000 price mark
This figure is one of the highest figures that the digital asset has ever recorded in the crypto market, with a similar feat coming around September 2019. Bitcoin is officially one of the biggest gainers this year, with the digital asset recording a gain of about 500% since the Black Thursday event in March. Another remarkable feat is that the digital asset has been recording new daily highs since December 24, something that has been rarely seen in the digital asset market this year.
With the digital asset moving past the $25,000 and $26,000 price mark, it didn’t take Bitcoin more than hours before it entered $27,000. However, the digital asset didn’t stop at $27,000, it moved well past that price mark, and a look on Binance shows that the digital asset traded around $27,900. With Bitcoin achieving all these recognizable feats, one question on everyone’s lips is whether the digital asset would enter the $28,000 price region and finally make it to $30,000 before the year ends.
Altcoins still losing against Bitcoin despite gain against the dollar
While most digital assets have performed wonderfully well against the United States dollars, they have been woeful against Bitcoin. On the last day, Ethereum has seen a price jump by 5% to hit $650, and Bitcoin Cash also witnessed an 8% price surge to record $340. Binance Coin, Polkadot, and Cardano make up the top 5 gaining 3.5%, 3.7%, and 6.0%, respectively. Litecoin also pushed its luck further, recording another 6% price surge, which has seen the price of the digital asset move to $136.
However, mid-cap digital assets were not affected by the price surge as most of them are presently in a loss against Bitcoin. Ethereum has lost 6% against Bitcoin, while Ripple has lost about 13%. Despite Litecoin posting a massive price surge, it has also lost about 6% against Bitcoin in the market.
With the major altcoins failing to follow Bitcoin’s lead and undergo a bullish momentum, the digital asset’s dominance figure has skyrocketed, reaching 70% in the process. Other altcoins have seen their market cap reach a cumulative total of about $110 billion, bringing the overall total to about $750 billion.