After exceeding USD 20,000 for the first time since December 2017 yesterday, Bitcoin (BTC) soared by another USD 2,000 in less than a day.
While Bitcoin dominance progressed, the top coin is still not the best performer in today’s top 10 clubs. (Updated at 05:56 UTC: two last paragraphs have been added.)
At pixel time (04:47 UTC), BTC trades at USD 21,787 after it reached USD 22,000 earlier. The price is up by more than 12% in a day and 18% in a week. It rallied by 31% in a month and 225% in a year.
BTC Price Chart:
Nevertheless, among the top 10 cryptoassets by market capitalization, BTC is exceeded by XRP (+24%) and litecoin (LTC) (+15%). LTC performed better in the past week also (+20%).
Other top coins are up by 3%-10% in the past 24 hours.
Meantime, BTC’s dominance, or the total market capitalization percentage, surpassed 64% today. In November, it still was at 60%.
“Bitcoin’s ascent above USD 20,000 is yet another milestone in what has been an epic year for crypto,” said Paolo Ardoino, Chief Technology Officer at the Bitfinex exchange.
“But the main story is not about speculation or trading. Bitcoin represents a monumental technological shift, the consequences of which are only just beginning to be seen. Critics should take heed of the quiet dedication of those building layers upon this technology that will change the very nature of money by the end of this decade.”
The “price will now go from linear to parabolic” in part because retail investors have so far primarily been “out of this rally,” Kay Van-Petersen, Global Macro Strategist at Saxo Capital Markets Pte in Singapore, told Bloomberg.
On the other hand, Dave Weisberger, Co-founder and CEO of trading software provider CoinRoutes, stated that USD 20,000 might form a new support level “unless there is negative news.“
Frances Coppola, author of “The Case for People’s Quantitative Easing,” stated Bloomberg that,
“Bitcoin’s strength relies very much on fiat money being copious and unrewarding. Suppose central banks tighten monetary policy and governments take action to reduce deficits. In that case, the attractiveness of Bitcoin as an inflation hedge and source of low yield could decline rapidly,”
More update about Bitcoin’s rally here:
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