The cryptocurrency market had taken many major coins on a roller coaster ride over the past week as almost all coins registered gains following the resurgence of Bitcoin. Bitcoin [BTC] saw a massive surge over the past week and so did Litecoin [LTC] and Bitcoin Cash [BCH]. LTC and BCH, at press time, was still surging by over 6% following the announcement of the first halving.
At press time, LTC was seeing a spike of 6.80% over the past day. The coin was valued at $93.72, with a market cap of $5.73 billion. LTC registered a percentage increase of 54.98% over the past week, but dipped by 0.23% over the past hour.
According to a report by Ethereum World News, LTC hiked by more than 200% in 2019 and the last low of LTC was noted to be in December 2018. This percentage increase could probably see another push as and when the LTC halving takes place.
Bitcoin Cash [BCH]
BCH saw a rise in its price by 6.76% over the past day, however, dipped by a minimal 0.56% within the past hour, at press time. The progress of the coin over the past week was noted to be of a whopping 84.40% and was valued at $309.66. The market cap of BCH was $5.48 billion, while the 24-hour trading volume was noted to be $2.34 billion.
Bitcoin Cash is scheduled for a block reward halving a month before Bitcoin’s and probably after Litecoin [LTC]. The news of halving has managed to spike the prices of BCH too, and it is speculated that this rise would continue. However, it’s in the nature of the cryptocurrency market to change the trends and undergo strong corrections.
Subscribe to AMBCrypto’s Newsletter
Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market
The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.
At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.
At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.
A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.
At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.
Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.
According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.
A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.
However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.
Subscribe to AMBCrypto’s Newsletter