Bitcoin’s record-setting run continued on Saturday, as the bitcoin price touched the $6,200 mark to set a new all-time high.
On Friday, bitcoin shocked analysts and investors alike when it made a sudden run from $5,650 to $6,000 following a day of sideways trading. It fluctuated around that level leading into the weekend, and on Saturday it fought its way through the $6,100 barrier, eventually extending as high as $6,200 on Bitfinex.
At present, the bitcoin price is trading at a global average of $6,189, although BTC/KRW has already risen to an equivalent price of $6,308 on Korean exchange Bithumb.
Significantly, the bitcoin price rally has not reverberated throughout the markets. As the chart below demonstrates, most altcoins have seen their price against bitcoin plummet over the duration of the past week. Ethereum, for instance, has dropped 20% against bitcoin, while ripple has plunged by nearly 30%. Altogether, five cryptocurrencies in the top 10 have posted double-digit declines against bitcoin, and only eighth-ranked bitconnect has managed to make positive movement.
Bitcoin’s market cap is now $102.8 billion, which makes it considerably larger than both PayPal and Goldman Sachs, and this October bull run has enabled bitcoin to consolidate its position as the dominant cryptocurrency. One month ago, bitcoin controlled a 48% stake in the total cryptocurrency market cap. Now, that share has grown to 59%, its highest mark since the beginning of May, and it would not be surprising if it races across the 60% checkpoint within the near future.
Ethereum, once expected to surpass bitcoin to become the largest cryptocurrency by market cap, has seen its share decline from 20% to 16%, and ripple’s has fallen to 4.5%. Bitcoin cash has experienced the most dramatic decline among top-tier coins; since September 21, its share has nearly halved from 5.8% to 3.1%.
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Last modified: May 21, 2020 9:10 AM UTC