During the 2017 bullish run, the markets of Bitcoin (BTC) and Altcoins were inversely correlated where one could surge at the expense of the other. Traders and investors used to switch between the two assets and considering there are so many stablecoins nowadays one could assume that the correlation diminished but it has grown stronger than ever.
BTC Up 3% Today
Bitcoin Price has been on the upward trend in recent weeks and it was up 3% on the day during the Asian trading this morning setting a new six month and 2019 high of $6,290. Since breaking the $6,000 barrier yesterday BTC has not dropped and its volume has increased to around $18 billion as it continues to push higher.
Since last Friday Bitcoin has been on the rise gaining 12% to outperform almost all competitors. Following this market dominance, this is the highest BTC has been in the past 17 months at 58.3%.
Altcoins Continue To Take A Hammering
The 66% surge of bitcoin since the beginning of 2019 has been at the expense of Altcoins which are receiving a beating today. Although Ethereum is still flat its market share has nonetheless dropped below 10%. XRP has been on the fall but Ripple has been increasing its supply and currently it is below $0.30. Most of the major cryptocurrencies have been taking a beating and have dropped between 3% and 8% on the day.
In a tweet Bitcoin trader ‘SalsaTekila’ predicted that Bitcoin price will continue with the upward trend to over $6,400 before experiencing any kind of drop. This was 2018’s most traded price so there is a strong possibility as it is only $150 away from the present prices.
Usually, weekends are sluggish when it comes to crypto trading activity and thus if Bitcoin price remains above $6,000 then more gains should be expected. The crypto market currently looks like the Q3 2017 when BTC surged at altcoins’ expense.