Search ForexCrunch
  • The cryptocurrency market is in a bullish phase as Bitcoin hits $7,000.
  • Altcoin influence in the market diminishes as Bitcoin dominance hits highest levels in 2019.

Many would agree that the cryptocurrency market is finally in a bullish phase. The gains experienced in the last couple of months have  not been since 2019 let alone the last several months of 2018. For the first time this year, total market capitalization has hit highs above $200 billion. In less than 24 hours the market added a whopping $16 billion from $195 billion over the last weekend trading. As long as the cryptos remain in the bullish phase, this market has the potential to high $300 in the coming few months.

Bitcoin price update

The daily chart for BTC/USD trading pair clearly shows the return of the bulls. It is as though  the buyers have commenced a pilgrimage whose destination it arriving at and exceeding all-time highs for BTC around $20,000 before the end of 2018. Bitcoin led the market to recovery during the weekend session where for the first time in 2019 traded above $7,000. The asset high a 10-month high at $7,548.91 (on Coinbase) before retracing back under $6,000. However, existing bullish pressure pushed the price up and BTC/USD is consolidating around above $7,000.

Bitcoin market up also grew significantly in the same period from $112 billion to $127 billion. The largest digital asset’s market share has corrected lower to the current $124 billion. The respective trading volume also increased significantly from $19 billion to $28 billion. At present the 24-hour trading volume stands at $25 billion. Bitcoin’s market dominance continues to grow in turn diminishing the altcoins influence on the market. At 58.8% market dominance, Bitcoin cements its position as the market leader.