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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.
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.
At press time, bitcoin’s dominance rate accounts for 58% of the overall crypto market.
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%. 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.
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.
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.”