Bitcoin Returns Above USD 9,000, Altcoins Drop Against BTC

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It took a few days for bitcoin (BTC) price to return above the USD 9,000 level after crashing on the eve of the third mining reward halving.

Source: Adobe/grejak

At pixel time (13:30 UTC), BTC trades at c. USD 9,094 and is up by 4% in a day, almost erasing all its weekly losses. The price is up by 35% in a month and 10% in year.

For around 15 minutes, BTC was above USD 9,000 on May 11, or the halving day, too, but since then it struggled to get back above this level.

BTC price chart:


Meanwhile, all major altcoins are up against USD by 1%-2%, while dropping by up to 3% against BTC.

The total market capitalization is up by 3.5%, to almost USD 252 billion, while bitcoin dominance, or the percentage of the total market capitalization, reached 66.4%.

As reported, crypto market researcher Glassnode said yesterday that, along with Bitcoin’s strong fundamentals, the fact that Bitcoin hashrate is largely unaffected by the halving suggests “a stable, if not bullish, environment for BTC over the coming months.”

Meanwhile, Antoni Trenchev, Co-founder at Nexobank, sees the most popular cryptocurrency reaching USD 50,000 by the end of the year.