Bitcoin (BTC) Price Heads for $13,000, Eating Up Altcoins in the Process
Bitcoin’s total market cap dominance is now at 65%, as altcoins continue to lose positions against the leading asset.
Bitcoin (BTC) is heading for dominance, pressuring altcoins as its price inches up to $13,000. BTC traded at $12,937.60 as of 7:30 UTC on Monday, and is the only coin with significant weekly gains of above 14.5%.
At the same time, most altcoins lost around 15% against BTC in the past week, extending and deepening the slide of the past few months. BTC once again delayed the altcoin season, while enticing investors with promises of robust gains and high liquidity.
Even the hottest tokens and projects sank deeper in BTC terms, wiping out 20% of their price in Satoshis. This brought the dominance of BTC to above 65%, with the potential to grow further. While the dollar price for some assets is up above 200% this year, the 2019 rally is mostly on the back of BTC.
The BTC climb continued despite recent news that the New York Attorney General was tightening its grip on the iFinex case, presenting evidence of illegal activity in New York, as well as liquidity problems and covering up problems with the CryptoCapital payment provider for months.
At the same time, Bitcoin’s network is showing positive signs, with not only record hashrates above 72 EH/s, but a fast pace of growth in the past month, shows Binance Research:
But there is also another indicator that shows extreme interest in BTC trading and acquisition - the realized market capitalization. This measure, although inexact, aims to show the coins actually traded and in active circulation, taking away coins in deep storage. In the past days, a few whale transactions moved significant funds, and transaction activity remains high, showing increased interest in BTC trading.
The recent climb in BTC prices coincides with the increasing influence of Tether (USDT). The total supply of coins has now grown to 3.83 billion, up from around 3.6 billion a few days ago. Up to 60% of all BTC trading is in the pairing with USDT, and depends on crypto-only exchanges and active Asian trading. The increased USDT liquidity helps boost BTC prices, as it has done in the past.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.