Bitcoin Rallies Closer to USD 13,000, Altcoins Struggle to Keep Up
The number one cryptocurrency, bitcoin, continues to defend its position as digital gold, with gains of 11% in the past 24 hours. Meanwhile, nearly all altcoins in the top 100 are in the red relative to bitcoin over the same time period.
At pixel time (05:19 UTC), bitcoin trades at c. USD 12,740 and is also up by 29% in the past week and 61% in the past moth.
Bitcoin price chart:
Moreover, the bitcoin dominance, or the percentage of the total market capitalization, has now climbed to 64%, its highest since April 2017. The total market capitalization increased by almost 8%, to USD 354 billion.
Despite entering a consolidation phase after the parabolic rally that ended on June 26, sentiment has remained robust among bitcoin investors. With strong rallies seen both on Monday and on Tuesday morning, traders are now eyeing a break above the high from the previous rally at nearly USD 14,000.
In an interview on CNBC’s Fast Money on Monday, founder & CEO of Morgan Creek Capital, Mark W. Yusko, pointed out that bitcoin over the past nine months is up 70%, although “everyone thinks we’re in a bear market.”
“It’s the best performing major asset class this year,” he said, adding that “I think we’re in the next parabolic move that will take us probably into the 30,000-level before we get another little correction.”
As reported on Monday, financial ratings agency Weiss Ratings has upgraded Bitcoin to an A-, and given it a “strong buy” recommendation.
It also seems clear that technicals are playing a role in the recent price rally, with technical analysts like Peter Brandt saying on Sunday that a “new parabola” (or correction) could be expected in the bitcoin chart.
Meanwhile, majority of other coins from the top 10 are registering 2%-6% gains today, while binance coin and tron are down by up to 3%.
Among the smaller market capitalization coins from the top 100, Japan content token is up by 70%, while quant, aurora, egretia advanced 12%-19%.