Correction mode is over – and Bitcoin dominance is back. The market update.
Now it is official: The summer slump in the crypto market is over. The crypto market – and above all bitcoin – has reported back with an impressive bull run. The crypto key currency rose by around 6.4 percent on a daily basis. Calculated over the week, investors are even looking forward to an increase of 32 percent. In absolute terms, the price growth is even more impressive. Finally, yesterday at noon between 11 a.m. and 2 p.m., BTC started a rally during which the price rose from around 50,500 to just under 55,000 USD – a gain of 5,000 USD within a few hours. For comparison: In April 2019, the cryptocurrency was still trading at around 5,000 US dollars.
With the Bull Run, BTC is once again a “trillion dollar asset”. Market capitalization is currently around $ 1.031 trillion.
So there it is again, the famous Bitcoin volatility. Cited by critics of the crypto currency again and again as a murderous argument, it comes in handy for Hodlern: 30 percent return in a few days is impressive. With the latest bull run, digital gold is also slowly creeping back towards the all-time high of USD 64,000, which was only reached in April of this year.
Flippening from the table for the time being
“Flippening” was a hotly debated topic recently, but these days it is a long way off. Because unlike Bitcoin, Altcoins are currently falling by the wayside. Ether (ETH), the native currency of the Ethereum network, only tips the scales by 1.2 percent in a 24-hour comparison. Binance Coin (BNB) is even losing value – albeit to a small extent – and is quoted at a daily minus of 0.1 percent. Second best performer after Bitcoin in the ranks of the top 10 coins is Polkadot (DOT) with a gain of 3 percent. At the moment, the buyers’ warehouse seems to be focusing primarily on the market leader.
As a result of the top dog’s strong performance, Bitcoin dominance also makes a good leap forward. With a market capitalization of a good $ 1 trillion, BTC accounts for a good 44 percent of the total crypto market at the time of writing.
It is also noticeable that the crypto market is developing in the opposite direction to the traditional financial sector. Because in contrast to Bitcoin and Co., the stock market is more in correction mode these days. The S&P 500 has been falling south since its all-time high of 4545 points in September and is currently at 4363 points. The chart image looks like this:
