The bitcoin price slipped 2% on Saturday, falling below $4,300 after briefly testing its all-time high. The ethereum price was stable at about $335, while bitcoin cash dipped 3% to $626. Ordinarily, this would have led to a minor market contraction, but strong showings from the Monero and Dash prices provided it with the support it needed to maintain its record level.
The total cryptocurrency market cap fluctuated throughout the day, but the altcoin markets ultimately gave it a 24-hour boost of $400 million. At present, the total value of all cryptocurrencies is $155 billion.
The bitcoin price had risen 4% on Friday, giving investors hope that it would cross $4,500 for the for the first time. That appeared possible early in the day, as the bitcoin price rose past $4,450 heading into the evening. Unfortunately, the bitcoin price began to dip at about 20:00 UTC, and it continued its gradual decline on Saturday. At present, the bitcoin price is $4,284, which translates into a $70.8 billion market cap.
Nevertheless, many analysts anticipate the bitcoin price rally will continue in the coming months. Gatecoin CEO Aurelien Menant forecasts that bitcoin will reach $5,000 by the end of the year, while Wall Street strategist Tom Lee predicts it will cross $6,000 by mid-2018.
The total crypto market cap owes its stability to the Monero and Dash prices, which have both experienced record-setting rallies in August. Last month, the Dash price was $200. It gradually increased throughout the weeks that followed, eventually punching through $300 on August 20. It hovered around the $300 level for most of the week, but a surge in trading on Bithumb thrust Dash above $400 to set a new all-time high of $409 on Saturday morning. The Dash price has pulled back a bit since then and currently sits at $387. This gives Dash a market cap of $2.9 billion, planting it firmly in 5th place on the market cap charts.
One factor influencing Dash’s rapid ascent is a potential television sponsorship proposed by RT host Max Keiser. Keiser, a long-time cryptocurrency proponent, offered Dash a full sponsorship for his new show, The Great American Pilgrimage, in exchange for 2,000 Dash ($775,000 at time of writing).
Dash was not the only privacy-centric altcoin to soar to climb the charts this week. The Monero price has nearly tripled since Bithumb–the world’s highest-volume cryptocurrency exchange–announced it would add XMR trading pairs.
On Friday, the Monero price surpassed $100 for the first time, but its rally did not stop there. This morning, the Monero price climbed another 45%, lifting it to a record $146. At present, the Monero price is $140, resulting in a market cap of $2.1 billion. There are now nine cryptocurrencies with market caps exceeding $2 billion.
Yesterday, bitcoin’s share of the total market cap had climbed back to 47% after an early week decline. However, Dash and Monero each took a small bite out of bitcoin’s share, reducing it to 46% on Saturday.
Ethereum continues to account for about 20% of the market, while Ripple’s share has tapered to 5.3% after soaring earlier in the week. Dash’s market share is quickly approaching 2%, while Monero’s has risen to 1.4%.
Last modified: May 21, 2020 9:35 AM UTC