Bitcoin [BTC] as it so often does, anchored a massive bullish swing for the market. The collective market pumped to levels not seen since the November 2018 bear market shaved over $100 billion in less than a month. Litecoin [LTC], EOS [EOS], Tron [TRX], Monero [XMR], and IOTA [MIOTA] saw notable gains, but Bitcoin was the highest gainer in the top-20.
Reaffirming its position as the king coin, Bitcoin’s massive pump saw its dominance in the market rise. The top cryptocurrency had seen a significant dip in its hold over the market, as it has been slipping since the beginning of the year. In early-January 2019, Bitcoin’s dominance stood at over 54 percent and prior to the immediate pump, was close to dropping below half.
Many analysts believed that 2019 was the year that the Altcoins would edge the king coin in market dominance and institutional investors would chide Bitcoin for other multi-faceted options. Mati Greenspan, the senior market analyst at eToro was a proponent of this camp, claiming that the altcoin season had arrived.
Several analysts opined that a BTC rise was on the horizon, given the institutional embrace and the consistent price rise over the past few weeks. After Bitcoin re-entered the $4,000 bracket at the close of March 2019, a consistent run was expected and the coin delivered. Bitcoin broke the $4,100 and the $4,200 barrier, before surging to even greater heights.
The price of the top cryptocurrency broke its immediate resistance level of $4,250 and was well over $4,800, at press time. BitMEX, marked the price of the coin at over $5,000, while Binance pegged the coin’s price at over $4,750. The market cap of the coin stood at over $80 billion, looking to break the $100 billion mark which it breached over four months ago.
FCoin took the top-spot in terms of exchange dominance with 12.1 percent of the total market in the trading pair BTC/USDT. BitMEX, held 11.79 percent in the derivatives trading pair XBT/USD.
Additionally, a report by Messari stated that of all the PoW coins in the market, Bitcoin and Ethereum stood out in terms of their security against potential 51 percent attacks. The report also cited coins like Monero, Dash [DASH], and Zcash [ZEC], which are also resolute to such attacks. This report presumably added to the trust investors had in the currency that held over 50 percent of the market.
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