Bitcoin may have disappointed us in recent weeks. However, in terms of numbers, this market-leading cryptocurrency is truly impressive as it outperforms 85% of the top 50 token and cryptocurrency based on market capitalization.
Source: TradingView
Bitcoin is not something we can joke
If you’ve ever wondered why Bitcoin is considered the “king” of more than 4800 other cryptocurrencies, you should read the statistics below carefully.
In June 2019, the Bitcoin price recorded an increase of more than 400%, peaking at $ 12,996. Although there are later sideways in the $ 10,000 or $ 8000, or even down to $ 6500 at press time, BTC still brings significant profits for traders and investors.
ALT/BTC pairs since bitcoin peaked on June 26th (top 10). pic.twitter.com/kVSVVI8VZS
— Ceteris Paribus (@ceterispar1bus) November 23, 2019
The beginning of 2019 is a good start for Bitcoin. In the first quarter of 2019, the Bitcoin price hit a bottom of $ 3000 – an extremely favorable time to buy. Then, at the beginning of April 2019, the Bitcoin price suddenly increased to $ 1,000 in a row and so gradually increased until June and July. Since then, the market scenario has changed. Some altcoins are also gaining momentum. Altcoins are also less volatile this year.
For the altcoin market, finding a 10-fold profit is difficult. This is a big challenge even for cryptocurrencies with a market cap of over $ 1 billion. Most of the altcoins were also a bit less volatile than BTC, as traders lost interest. For that reason, leading coins limited their slide from June to November to 20 – 30%, while Bitcoin shed 50% of its price.
Although it is predicted that there will be no Altcoin season in 2019, the market for these coins is still active. And perhaps the reason is that traders try to compensate partly for losses from BTC through entering some altcoin positions.
Besides BTC, traders still dream about the altcoin season
The BTC Dominance index only fluctuates between 65% and 66%, making it difficult to increase to 90% this year. After peaking at around 70.1%, BTC Dominance is currently down to 66%. Smaller altcoins account for about 10% of the total market capitalization because most smaller assets lack markets against Tether (USDT). Only leading altcoins have pairs trading with USDT.
The wave delisting small altcoins from some exchanges, as well as assets considered to be at risk for a regulatory crackdown, further limited the altcoin market. Only coins that remain listed on high liquidity exchanges will survive and perform better in 2019. Currently, only nine altcoins have a market capitalization above $ 1 billion.
Some altcoins have outperformed Bitcoin in a short period. Specifically, Tezos (XTZ) increased by 300% when Binance and Coinabse announced support for XTZ staking. Cosmos (ATOM) and Chainlink (LINK) also outperform the market, albeit with higher volatility.
But in 2019, two notable currencies lost their appeal – XRP, and Stellar (XLM). They recorded a double-digit decrease, not increasing even during the mid-year price increase period. Bitcoin still failed to execute the Halloween rally and is now turning to expectations for a December rally. However, the popular mood is pessimistic and BTC creates fear of a bigger correction.
Read more:
- Bitcoin Bottom Maybe Near When The MAs Cross But $ 6.8k Will Be Key
- Bitcoin Price Could Down To $5,500 In 2020, Peter Brandt Says