The Bitcoin price has gained significant traction since the beginning of June. Since yesterday, the coin has registered a weighty growth in value and is almost hitting the $13,000 resistance level. Almost the entire cryptocurrency market is following suit, but there are still some coins that are not trading in green. Total market cap has significantly gained by over $10 billion.
Bitcoin (BTC) being the original cryptocurrency is still seen as a dominant token in the entire market with around 60% dominance and is still increasing higher. If BTC maintains this trajectory, it will reach its historical price of $20k that happened way back in December 2017. It just needs to double its efforts.
BTC/USD Price Analysis
At the time of press, BTC/USD price is in green trading at more than $11,389 with over 4.6 percent 24-hour change. The Bitcoins market cap is right now at $202.5 billion and the trading volume of over $21.6 billion. The total market capitalization is standing at $337.4 billion, high almost $13 billion over the past 24 hours.
The Bitcoin’s two biggest rivals Ethereum and Ripple are positively increasing in value and they are currently trading at around $313 (1.32 percent) and $0.468 (0.91 percent) respectively. Their market caps and daily trading volumes are $33.386 bln, $19.923 bln and $8.561 bln, $1.614 bln, resp.
Top 100 Market Performance
When we look at the top 100 cryptocurrencies, the biggest market movers are Chainlink (LINK) trading at $2.11 with 14.4 percent, VeChain (VET) changing hands at around $0.0094 (30.72 percent), Crypto.com Chain (CRO) standing at $0.0698 (21.33 percent), HyperCash (HC) trading at $5.01 (32.08 percent), Energi (NRG) standing at $8.26 with a 44.63%, Egretia (EGT) changing hands at $0.03309 (23.07%), ABBC Coin (ABBC) at $0.25533 (14.67%), Crypto.com (MCO) is changing hands at around $7.2 (15.11%), MaidSafeCoin (MAID) at almost $0.224826 (14.95%), Lambda (LAMB) at $0.2008 (15.4%) and Quant (QNT) which is trading at $7.52 with a change of over 21.9%.
Generally, the overall winner of today is Energi which has over 44.6% price gains, according to the data from coinmarketcap.
Forces Behind Bitcoin Rally
It is believed such rally is driven by institutional investments. The cryptocurrency community thinks that the institutional money is the one driving this particular Bitcoin rally. According to AMBCrypto report, the Bitcoin price began to skyrocket towards $10,000 when “Tether Treasury minted almost 100 million USDT, which was speculated by many users to be the cause, just like last time.”
However, sceptics including Peter Schiff, a financial commentator, believe this rally is nothing but a bubble again and others think that it could be due to pump of BTC price.
I’ve witnessed several asset bubbles over the years and those trapped inside also say foolish things to rationalize the price rise. But none more foolish than what’s being said to rationalize the Bitcoin bubble. The bigger the bubble, the more foolish one must be not to see it!
— Peter Schiff (@PeterSchiff) June 24, 2019
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