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$15,000: Bitcoin Price Goes Parabolic, Cannibalizes Crypto Market

Josiah Wilmoth
Last Updated March 4, 2021 5:02 PM

The bitcoin price ripped past $15,000 on Thursday, marking yet another historical milestone for the most prominent cryptocurrency.

Bitcoin Price Rips Through $15,000

Throughout the first week of December, the bitcoin price has been rising at a breakneck pace. In the past day alone, bitcoin rose more than $2,000, clipping past the $13,000, $14,000, and $15,000 markers in quick succession. This morning, the bitcoin price threatened to break through $16,000, too, but the rally ultimately stalled at a global average of $15,549.

bitcoin price
Bitcoin Price Chart | Source: CoinMarketCap

Following a minor decline, the bitcoin price is now trading at $15,374, which represents a single-day increase of 18 percent and translates into a $257 billion market cap.

Bitcoin Cannibalizes the Swelling Crypto Market

Bitcoin’s dramatic ascent propelled the cryptocurrency market cap to a new high-water mark of its own, and the combined valuations of all cryptocurrencies barreled past $400 billion less than a week after reaching $300 billion.

bitcoin price
Source: CoinMarketCap

Notably, however, the flagship cryptocurrency refuses to allow other cryptocurrencies to ride its coattails through this leg of the rally. Seven of the top 10 largest altcoins declined at least 25 percent against bitcoin over the course of the past week — a fact obscured by their USD equivalent values — and only three have posted an increase.

bitcoin price
Source: CoinMarketCap

Litecoin and cardano each took a 25 percent hit against bitcoin, while ethereum, bitcoin cash, and ripple are all down at least 34 percent. Dash and bitcoin gold were pummeled the hardest, with each plunging more than 40 percent for the week.

Only IOTA, monero, and stellar managed to post positive seven-day movements, as each has assembled an upswing on the heels of various bullish factors.

However, these three outliers aside, bitcoin has been cannibalizing the cryptocurrency ecosystem. In the past week alone, bitcoin’s dominant market share has grown by nearly nine percent, raising it to just under 64 percent — its highest mark since late April.

bitcoin price
Source: CoinMarketCap

Ethereum, once thought to be the heir apparent to bitcoin’s throne, has seen its corner of the market shrink below 10 percent for the first time since March, and no other cryptocurrency can boast more than a six percent share.

Featured image from Shutterstock.