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

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

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

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)

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

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

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

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.

  • 47
Block
Add Reply
Feedback |

Good morning

Add Reply
expand

Support

Add Reply
expand

Good afternoon.

Add Reply
expand

support

Add Reply
expand

Support 

Add Reply
expand

Nice  sharing       

Add Reply
expand

thumbsup

Add Reply
expand

Good

Add Reply
expand

Come and Support

Add Reply
expand

Come and Mining

Add Reply
expand

Good afternoon.

Add Reply
expand

Come and support

Add Reply
expand

support

Add Reply
expand

mining

Add Reply
expand

mmm, i cnat buy now

Add Reply
expand

Mining support               

Add Reply
expand

Thank you  for sharing. 

Add Reply
expand

Support you            

Add Reply
expand

Nice sharing       

Add Reply
expand

Support Landlord           

Add Reply
expand

Thanks  your sharing

Add Reply
expand

Great   

Add Reply
expand

support~    

Add Reply
expand

thanks for sharing.   

Add Reply
expand

We are on the road to 10k, I’m so happy the bulls have began, everyone sleeping should wake up.

Add Reply
expand

Support and  mining            

Add Reply
expand

Nice sharing         

Add Reply
expand

support······           

Add Reply
expand

mining ······              

Add Reply
expand
You should login to reply
You will reward to {{ username }}

Available Balance: {{balance}}

≈ $ {{usdtAmount.toFixed(2)}} (The reward commission rate is 10.0%)

New Favorite Bag

Add To Favorite You can create multiple favorites and classify the topics. Please select the favorites you want to add.
{{ favoriteBag.title }} {{ favoriteBag.favorites_count }}Topics

{{ text }} OK
fa-bars fa-arrow-up