Posted on

Markets Fail to Hold Yesterday’s Gains, Bitcoin Trades Below $3,500

Crypto markets have failed to hold on to gains from Dec. 9, with Bitcoin trading below $3,500 again.

Monday, Dec. 10: Crypto markets have failed to hold another recovery attempt, with nearly all top 20 coins by market capitalization in the red as of press time.

After a slight bump yesterday, Dec. 9, with Bitcoin (BTC) seeing its price grow from around $3,400 to more than $3,600, markets are seeing another decline as losses over the 24-hour period for some major coins reach more than 9 percent, according to CoinMarketCap.

Market visualization from Coin360

Market visualization from Coin360

The top cryptocurrency Bitcoin is down by 4.59 percent, trading at $3,474 at press time. As noted earlier today, the Bitcoin volatility index has recently spiked threefold on the month, following a period of price stability.

Exactly one year ago, on Dec. 10, 2017, the price of Bitcoin was $17,102 per coin, almost 80 percent higher than the price of Bitcoin today. Bitcoin’s market share index is 55 percent, down from 62.4 percent exactly one year ago, according to data from CoinMarketCap.

Bitcoin all-time price chart. Source: CoinMarketCap

Bitcoin all-time price chart. Source: CoinMarketCap

The second cryptocurrency by market cap, Ripple (XRP), is seeing more losses today, down almost 5 percent over the past 24 hours and trading at $0.301 at press time.

XRP 7-day price chart. Source: CoinMarketCap

XRP 7-day price chart. Source: CoinMarketCap

After dropping below the $100 price point on Dec. 6, major altcoin Ethereum (ETH) has dipped to as low as $90 per coin earlier today. The altcoin is trading at $90.99 at press time, down almost 6 percent over the 24-hour period.

Dash is seeing the biggest losses among the top 20 coins at press time, with its price down 9.58 percent, and trading at $68.14.

Total market capitalization is $110 billion at press time, down from $115 billion at the beginning of the day. Daily trade volume is $13 billion at press time.

Total market capitalization 7-day chart. Source: CoinMarketCap

Total market capitalization 7-day chart. Source: CoinMarketCap

Recently, the Indian government reportedly suggested new regulations to entirely ban cryptocurrencies in the country. According to anonymous sources, a government panel “has categorically said” that the crypto operations should be considered illegal and monitored by India’s central banking institution the Reserve Bank of India (RBI).

While India may soon join the list of anti-crypto countries like China, some European countries have taken a more crypto-friendly regulatory approach. The British Parliament is purportedly considering allowing payments to local authorities and utility providers with Bitcoin. In late November, Liechtenstein authorities granted a license to Cryptoassets Exchange (LCX) to operate as a fully regulated blockchain ecosystem.

Meanwhile, the crypto industry’s mining sector continues to struggle, with China-based mining giant Bitmain reportedly closing its development center in Israel, as well as laying off local staff.

Posted on

Major UK Charity Fund Executive Believes Crypto Market Crash Is ‘Just a Bump in the Road’

A major U.K. charity fund executive declared during a crypto summit that the recent market crash is just a “bump in the road.”

A major United Kingdom charity fund executive said at the Bloomberg Crypto Summit in London this Friday that the recent crypto market crash is just a “bump in the road,” Bloomberg reports Dec. 7.

James Bevan, the chief investment manager at CCLA, told the audience during a panel that he doesn’t see the recent decrease in the value of cryptocurrencies “as an existential crisis”; rather, he noted that he believes this is just “a bump in the road.”

Bevan then also compared crypto to traditional finance, stating that “institutional investors have had plenty of bumps in the road in conventional currencies and transaction systems.”

CCLA is self-described as “one of the UK’s largest fund managers” and claims to have £7,842 million (just slightly short of $10 trillion) in assets under management on the last day of March this year.

Bloomberg’s article on the news outlet’s Crypto Summit also predicts that “the future of cryptocurrencies will entail greater regulation, more involvement by large institutions, lower volatility and greater integration with traditional assets.”

The first signs of large institutions starting to interact with the industry are already present, with the world’s second-largest stock exchange, Nasdaq, reportedly having confirmed the launch of Bitcoin (BTC) futures in the first half of next year.

Bloomberg also cites Marieke Flament, the global chief marketing officer at blockchain-powered payments firm Circle Internet Financial Ltd., as noting that it is “beneficial to get the wheels in motion for crypto regulations so the industry can learn from potential mistakes.”

This is not the first time a Circle executive took such a stance. In late October, the company’s CEO, Jeremy Allaire, called on global economies to collaborate on the development of crypto regulation, as Cointelegraph reported.

Namely, Allaire declared that “ultimately there needs to be normalization at the G20 level.” This request seems to have been recently answered this week, when G20 country leaders declared the start of work on an international cryptocurrency taxation system.

Posted on

Crypto Rankings Shake-up Follows Yesterday’s Market Crash as Bitcoin Stays Around $3,400

After seeing another big sell-off, crypto markets are trading sideways, with total market cap hovering around yesterday’s levels.

Saturday, Dec. 8 — Amid a new collapse in the crypto markets yesterday, cryptocurrency ranks are continuously changing as various coins overtake each other by market capitalization. While green prevails among a number of top 100 coins, the markets are trading sideways, with the total market cap hovering at the same levels as yesterday.

Market visualization from Coin360

Bitcoin SV (BSV), Bitcoin Cash’s (BCH) hard fork that had been ranked fifth yesterday on CoinMarketCap, is now down on the list, with major stablecoin Tether (USDT) having taken over both BSV and Bitcoin Cash. Tether’s market cap now amounts to over $1.8 billion, while BCH and BSV are almost equal with market caps of around $1.8 billion, also trading at an equal price of around $100 at press time.

Recently, the Winklevoss twins’ crypto exchange Gemini announced the listing of Bitcoin Cash custody and trading, adding that their platform will “only be providing support for the Bitcoin ABC network.”

Top 7 cryptocurrencies by market cap. Source: CoinMarketCap

Bitcoin (BTC) is slightly down about 0.7 percent and is trading at $3,399 at press time. Yesterday, Dec. 7, the major cryptocurrency plunged to as low as $3,280, hitting a new record of its lowest price since August 2017. With a current market share of almost 55 percent, Bitcoin has been trading around the $3,450 threshold over the day.

As Cointelegraph reported yesterday, Bitcoin’s further lows have taken place following the recent decision of the United States Securities and Exchange Commission (SEC) to delay its reconsideration of rule changes towards the first national Bitcoin exchange-traded fund (ETF) from investment firm VanEck and blockchain company SolidX.

After the announcement, SEC’s relatively pro-crypto commissioner Hester Peirce advised to not “hold your breath” over the ETF approval, claiming that it can take “20 years from now or it could be tomorrow.”

Bitcoin 24-hour price chart. Source: CoinMarketCap Bitcoin Price Index

Ripple (XRP), the second cryptocurrency by market cap, is down around 1.7 percent over the past 24 hours, trading at $0.29 at press time.

Ripple 24-hour price chart. Source: CoinMarketCap Ripple Price Index

In contrast, Ethereum (ETH), the third top cryptocurrency by market cap, is up around 3.8 percent, trading at almost $90 at press time. The major altcoin had dropped to a double digit threshold yesterday for the first time since May 2017.

Yesterday, Ethereum core developers agreed to launch the coin’s long-awaited Constantinople hard fork at block 7,080,000, which is estimated to happen after Jan. 14, 2019.

Ethereum all-time price chart. Source: CoinMarketCap Ethereum Price Index

Ranked eighth by market cap, EOS (EOS) is seeing some of the biggest losses among the top 20 coins by market cap. The coin is trading at $1.67, which is a drop by more than 43 percent over the week.

While the markets are attempting another consolidation, some cryptocurrencies have managed to see some sufficient growth over the 24 hour period. ZCash (ZEC) and Dash (DASH) are up the most among top 20 cryptos, both having seen growth by more than 7.5 percent and trading at about $57 and $67 respectively, according to CoinMarketCap.

Total market capitalization is equal to $107 billion at press time, seeing a slight drop over the past hour. Earlier on the day, market cap had dipped to as low as $103 billion, which is the lowest record since August 2017 — similar to Bitcoin’s price dynamics. Daily trade volume amounts to more than $16 billion.

Total market capitalization chart. Source: CoinMarketCap

Posted on

Crypto Markets Meet December in Green, Bitcoin Trades Above $4,200

Crypto markets go green on the first day of December, with Bitcoin breaking and holding the $4,200 threshold.

Saturday, Dec. 1 — Crypto markets have seen a substantial influx on the first day of this winter month, with all top 20 coins by market cap firmly in the green, according to CoinMarketCap.

Market visualization from Coin360

Following multiple plunges below the $4,000 threshold yesterday, Nov. 30, Bitcoin (BTC) has managed to finally hold $4,000 support today. The major cryptocurrency is now trading at $4,202, up 4.5 percent over the past 24 hours to press time. Bitcoin is down around 1.9 percent over the week, according to data from CoinMarketCap.

Bitcoin price 7-day chart. Source: CoinMarketCap Bitcoin Price Index

Ripple (XRP), the second cryptocurrency by market cap, is seeing milder gains, up around 3 percent over the past 24 hours and trading at $0.37 as of press time. The coin is seeing considerable losses over the week, down more than 7 percent.

Ripple 7-day price chart. Source: CoinMarketCap Ripple Price Index

TRON (TRX) and NEM (XEM) are seeing the biggest gains among the top 20 coins by market capitalization. TRON, ranked 11th on CoinMarketCap by press time, is up 6.5 percent, also holding a significant grown over the week — more than 11 percent. NEM is up 7 percent, seeing around 5 percent gains over the past 7 days.

Bitcoin Cash’s (BCH) hard fork, Bitcoin SV (BSV), is seeing a massive increase over the past 7 days, up more than 45 percent over the period. The hard forked cryptocurrency is ranked nine on CoinMarketCap and is trading at around $94, seeing a small growth over the day — around 0.1 percent.

Total market capitalization has seen a marked increase over the day, having spiked from around $129 billion to as high as the current $137 billion. Daily trade volume has been stable over the day, accounting for $16 billion, while seeing a small drop to $15 billion at press time.

Total market capitalization 24-hour chart. Source: CoinMarketCap

While the markets have taken another dip recently, Bitcoin fundamentals, such as cost per transaction and number of transactions, have increased, as noted by crypto evangelist Anthony Pompliano, a partner at crypto investment firm Morgan Creek Digital Assets.

In yesterday’s post, Pompliano emphasized seven fundamentals of Bitcoin, pointing out the increasing number of Bitcoin wallets as well as the growth of the amount of daily confirmed transactions.

The crypto believer also stressed the increasing power of Bitcoin’s hash rate, claiming that it has almost “quadrupled in the last year or so,” while the number of Bitcoin nodes has been 98 percent up over the last two years, the expert said, citing data from Bitnodes.

Concluding his analysis, Pompliano argued that price of a cryptocurrency is “only one measurement of value for an asset,” stating that underlying fundamentals is the main focus of the future value of the currency. He wrote:

“Don’t be distracted by the noise. Focus on the fundamentals. Bitcoin isn’t going anywhere.”

Posted on

ICO Advisor Satis Claims $96K Bitcoin Price Possible in 5 Years

Initial coin offering advisory firm Satis Group believes bitcoin’s price might jump to $96,000 over the next five years, according to a new report published Friday.

Satis Group published the latest report in its five-part analysis of the cryptocurrency ecosystem, this time examining how the cryptocurrency market is valued and whether this valuation matches the actual assets underlying token prices. The report, written by researchers Sherwin Dowlat and Michael Hodapp, also created predictions for how the market might look over the next few years.

Notably, the report attempted to predict how different currencies might look over the next five years if valued based on the underlying assets rather than speculation, saying that coins like bitcoin, monero and decred should see their prices spike as they are “cryptoassets which apply unique value propositions within deep and viral markets.”

On the other hand, the researchers believe that coins like bitcoin cash and other “cryptoassets which attempt to inherit brand recognition and provide minimal technological advantage to incumbents” will drop. Coins like XRP received the harshest predictions, with the Satis Group saying the token would drop to $0.01.

The report explained:

“Within the currency networks, we continue to see upside in networks that have cultivated relatively organic growth and community (such as LTC), meaningful downside from networks that have inherited brand recognition and potentially short-lived adoption during hiccups from their fork-parent (such as BCH), and very little value in networks that are misleadingly marketed and not even required for use within their own network (such as XRP).”

The paper also addressed “platform networks” like ethereum, predicting that over the next 10 years, a smaller percent of token projects will be built on top of ethereum rather than other networks when compared to the present (a previous Satis Group report noted that ethereum has roughly 86 percent of the market share for projects being built on top of existing platforms).

That being said, “at current levels we still believe ETH to be undervalued relative to the share of the cryptoasset market’s TAM it targets,” citing the cryptocurrency’s liquidity and reputation as supporting the overall network.

Miniatures on bitcoin image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Posted on

Crypto Markets Keep Fluctuating: Most Top 20 Coins Back in Green, Bitcoin Above $6,700

Monday, August 27: crypto markets have seen another recovery attempt, with all of the top 20 coins by market cap in the green, according to data from CoinMarketCap.

After suffering a slump yesterday, crypto markets are back to green, with IOTA (MIOTA), Cardano (ADA), and EOS (EOS) seeing the biggest gains among the top 10 coins, while Bitcoin (BTC) has broken back above the $6,700 point. Most of the top ten coins are seeing only slight gains between 1 and 2 percent on the day.

Market visualization from Coin360

Market visualization from Coin360

The top cryptocurrency Bitcoin is trading at $6,744 at press time, up less than half a percent over the past 24 hours, but seeing weekly gains of about 4 percent.

Top altcoin Ethereum (ETH) has experienced similarly modest growth today, with its price up just under one percent over the 24 hour period. Ethereum is trading at $275 at press time, up 1.5 percent over the past 7 days, but down a jolting 41 percent on the month.

Ethereum 24-hours price chart. Source: Cointelegraph Ethereum Price Index

Ethereum 24-hours price chart. Source: Cointelegraph Ethereum Price Index

Total market cap is showing growing momentum today, up from $214 billion at the beginning of the day to almost $219 billion at press time.

Total market capitalization chart. Source: CoinMarketCap

Total market capitalization chart. Source: CoinMarketCap

Of the top ten coins by market cap, IOTA is up the most with 8.3 percent growth, trading at $0.60 at press time. The altcoin’s price has surged over the past two days following recent news of IOTA’s partnership with Japanese tech giant Fujitsu, which stated that the partnership sought to “help roll out IOTA as the new protocol standard.”

Major stablecoin Tether (USDT) is one of the only coins in red on CoinMarketCap out of the 20 top cryptocurrencies. Yesterday, Cointelegraph reported that recent issuances of the controversial cryptocurrency are not affecting the prices of either major coins or smaller altcoins at the moment, following previous allegations on “market manipulation” practices using Tether.

Earlier today, Cointelegraph reported that Chinese tech giant Baidu was following the anti-crypto policies of Tencent and Alibaba, having closed at least two popular crypto-related chat forums. The move is another step in the unfolding events of anti-crypto measures underway in China.

Also today, multiple Indian media reported that the country’s central bank the Reserve Bank of India (RBI) is planning to improve its knowledge of cryptocurrency and blockchain technology in order to “to check what can be adopted and what cannot.” The news follows RBI’s ban of servicing crypto-related businesses from April 2018.

Posted on

The Crypto Market Just Hit a New Low for 2018

The total market capitalization for all cryptocurrencies just fell to its lowest point in 2018.

The developments come after the US Securities and Exchange Commission (SEC) delayed a decision on a proposed bitcoin exchange-traded fund (ETF). The news triggered a market reaction, ultimately sending the total value of all cryptocurrencies down to $228,528,969 on Wednesday  the lowest level since November 2017 – according to data from CoinMarketCap

The drop to nine-month lows marks a 10.7 percent depreciation on a 24-hour basis. As of press time, the market capitalization had risen back slightly to $228,639,159,194.

Although the ETF decision is solely in regards to bitcoin, many alternative cryptocurrencies are printing worse losses than the world’s largest cryptocurrency by market cap, signaling worsening risk sentiment in the market.

The rise in the bitcoin dominance rate – an indicator that tracks the percent of the total crypto market capitalization contributed by the leading cryptocurrency – to an eight-month high of 48.6 percent also suggests the investors are venturing out of alternative cryptocurrencies and into bitcoin, and then possibly on to fiat currency.

The falling spread or difference between the total market capitalization of all cryptocurrencies except bitcoin and BTC’s market capitalization is also signaling reduced demand for high-risk alternative cryptocurrencies.

At press time, the total market capitalization of all cryptocurrencies excluding bitcoin is just over $118 billion an 8.5 month low whereas the total market cap of bitcoin is topping $111 billion, a figure last seen less than a month ago and above its annual low of $99,915,112,929, according to CoinMarketCap.

Meanwhile, the BTC dominance rate is hovering around 48.9 percent and could rise to 50 percent if the risk aversion worsens, boosting demand for well-established cryptocurrencies like BTC.

Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.

Image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

Join 10,000+ traders who come to us to be their eyes on the charts, providing all that’s hot and not in the crypto markets.

Posted on

BTC Trades Sideways, Other Top 20 Coins See More Notable Losses

Thursday, August 2: Bitcoin (BTC) and Ethereum (ETH) are trading around yesterday’s levels, while other top 20 coins are seeing notable losses, according to data from Coinmarketcap.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) is up around 0.3 percent over the past 24 hours and trading at $7,579 at press time after testing a slight rebound today. The top cryptocurrency keeps trading sideways, with an intraday low of $7,451, according to the Cointelegraph Bitcoin Price Index. As Cointelegraph reported in a previous market analysis, if Bitcoin breaks $7,750 resistance, the move can extend to further to $8,400.

Bitcoin 24 hours price chart. Source: Cointelegraph Bitcoin Price Index

Bitcoin 24 hours price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) is down 1.03 percent, trading at $411 at press time. The major altcoin has climbed to an intraday high of $423 before seeing a gradual decline.

Crypto markets analyst Trading Room suggested on Twitter that if Ethereum dips delow $350, it would cause a further downtrend across other altcoins. However, Bitcoin would allegedly be “detached from the mayhem.”

Ethereum 24 hours price chart. Source: Cointelegraph Ethereum Price Index

Ethereum 24 hours price chart. Source: Cointelegraph Ethereum Price Index

Total market capitalization is standing its ground around $267 billion, seeing a slight decline within the day after peaking at $275 billion.

Total market capitalization 24 hours chart. Source: Coinmarketcap

Total market capitalization 24 hours chart. Source: Coinmarketcap

Bitcoin is steadily displacing altcoins from the market, reaching over 48 percent of total market cap dominance.

 Percentage of Total Market Cap (Dominance). Source: Coinmarketcap

Percentage of Total Market Cap (Dominance). Source: Coinmarketcap

VeChain (VEN) has suffered the most losses over the past 24 hours among the top 20 coins following the recent launch of its own mainnet and mobile wallet. The coin has lost almost 11 percent and is trading at $1.76 at press time, down almost 23 percent over the past week.

Tezos (XTZ) is seeing slightly less losses, down 6.65 percent and trading at $1.68 today.

While Bitcoin Cash (BCH) is seeing losses around 2.5 percent today, the number of BCH transactions has surpassed the amount of Bitcoin transactions for the first time. Yesterday, BCH celebrated its first birthday, following a hard fork from Bitcoin’s blockchain on August 1 last year.

Bitcoin and Bitcoin Cash Transactions Historical Chart (Dominance). Source: Bitinfocharts

Bitcoin and Bitcoin Cash Transactions Historical Chart (Dominance). Source: Bitinfocharts

Earlier today, payments service Square reported over $70 million in Bitcoin revenues in the first half of 2018. The firm’s revenues from crypto have grown by $37 million in Q2 2018 compared to $34 million in the first quarter. Bitcoin trading launched on its app in November 2017.

On July 31, Japanese financial conglomerate SBI Holdings announced it will acquire a 12 percent stake in U.S.-based electronic trading platform operator Clear Markets in a move to introduce a crypto derivative trading platform.

Posted on

Here Is How Market Liquidity Is A Better Way Of Ranking Cryptocurrencies Than Market Capitalization

Ranking cryptocurrencies based on their market capitalization does not do justice to the popular coins that are moving huge volumes per day through trading. Market cap is simply a product of the circulating supply of a coin and its current value. This means that a lot of other statistical data is left out including a coin’s market liquidity. The latter is defined as the extent to which the crypto market, allows assets to be bought and sold at stable prices. This then brings us to the concept of trade volume.

If a coin is experiencing high trade volume, this demonstrates investor interest in the underlying project represented by the digital asset. Conversely, if a digital asset has a low trade volume, there is not much interest in the project. The coin might have a high market cap but there aren’t actually many sellers and buyers, just a large percentage of holders.

With the assumption that trading volume acts as a proxy for market interest, we thought it would be an interesting exercise to test whether strong positive and negative outliers could be found when comparing a coin’s market capitalization with its 30-day trading volume.

The base hypothesis is that if a coin trades more of its market cap in volume, it’s a sign of a lively marketplace and high interest in the coin. Such markets allow for the quick purchase and sale of assets by individual firms without causing a drastic change in the asset’s price. However, if a coin’s trade volume is a small percentage of its market cap, it’s far more prone to intense fluctuation as there are often not enough buyers or sellers to cover major market moves. A better illustration of this can be found in the infographic below.

What this means for institutional investors is actually quite significant. Projects that trade at a low ratio to their market cap won’t be able to support high volume movements, as individual orders will have the ability to cause 10-20% price changes. This means whales will struggle to either buy or sell large amounts of low-volume coins at the prices they initially enter their trades with.

We found that several of the most established coins, such as Bitcoin (BTC) and Ethereum (ETH), traded at a volume similar to their market cap over the course of a month. This was expected. It shows relative stability and balance in interest from investors. However, there were significant differences when other coins with a lower market cap were explored.

Coins like IOST, Nebulas (NAS) and EOS have a considerably higher trade volume when compared to other top coins. IOST’s trading volume topped out at a whopping 7 times its market cap. (Note: We excluded Huobi Token (HT) as it is used to buy and sell other cryptocurrencies on the Huobi Exchange. This in turn could have skewed the data).

Conversely, coins like RChain (RHOC), Augur (REP) and NEM had extremely low liquidity. We found that it would take 14 months of trading to cover the equivalent of RChain’s market cap. Surprisingly, seemingly popular projects including Stellar and XRP came in on the low end of our research, which may point to an imbalance between the brand awareness and the actual interest in owning and trading the coins.

In conclusion, ranking cryptocurrencies using market capitalization does not entirely give a clear picture of what is being traded in the markets and its volume. A more inclusive approach would be to examine how long a digital asset takes to trade the equivalent of its market cap. This in turn would provide information as to what digital assets are more liquid than others. In the case of IOST, it has proven to be more liquid than the prominent cryptocurrencies of Bitcoin and Ethereum.

loading…

Posted on

Bitcoin’s Portion of Total Crypto Market Cap Hits Highest Level Since December

Bitcoin’s (BTC) dominance by market capitalization in the total crypto market posted its highest level in 2018 July 23, passing 46 percent for the first time.

According to data from CoinMarketCap, Bitcoin dominance — defined as the percentage of the total market cap of all cryptocurrencies that is Bitcoin’s market cap — currently constitutes 46.5 percent, a level last seen on December 22, 2017. At the time, Bitcoin was trading just below all-time highs around $20,000 per coin.

Percentage of total market cap (dominance) from CoinMarketCap

Percentage of total market cap (dominance) from CoinMarketCap

The move comes as sentiment surrounding Bitcoin in particular continues to improve after BTC/USD jumped in excess of 15 percent over the last five days.

At the same time, altcoin assets have struggled to achieve similar gains, posting losses against Bitcoin.

Despite market cap becoming a dubious metric for testing Bitcoin’s underlying health, the 2018 record did not escape media attention, while various industry players also appeared enthusiastic about Monday’s performance.

Market analysts have continued to be less positive, however, with crypto commentator WhalePanda continuing a narrative that dominance represents a meaningful statistic in crypto markets.

“Stop using [Bitcoin] dominance as an indicator,” he wrote on Twitter July 20. “As soon as people started with premines/ tokens and (BTC) airdrops it became irrelevant.”

At press time, BTC/USD was trading at $7,734 according to Cointelegraph’s price index, up 3 percent on the day and completing weekly gains of just under 16 percent.