Within minutes, Bitcoin had reached an extraordinary top of $5106 on Bitfinex, while the daily low was $4172. This means 22% of gains over the past two hours.
Since then and as of writing this, the coin had corrected down a bit and now trading for $4800 (Bitfinex).
Such intra-days movements were common during the first years of Bitcoin; however, a daily rise of more than 20% is the most significant daily gain since the very beginning of 2018. On April 12, Bitcoin had seen a daily range of $6758 to $8069.
As of writing this, it’s not very clear what had caused Bitcoin to rise so sharply. However, as we know the crypto markets, you should always expect the unexpected.
Altcoins Are Dumping: While Bitcoin is celebrating in green, the vast majority of altcoins is crashing against their Bitcoin’s value. As always when there is a strong move in Bitcoin, the Altcoins are affected. Against Bitcoin, we can see drops of more than 10% in value in the major coins such as Ethereum and Ripple price.
On our previous BTC price analysis, we’ve warned that the Bitcoin dominance, which is the BTC share over the crypto markets, gets to 50% for the first time in months.
There were two options – either Bitcoin will skyrocket from here, or else drops severely to cause the altcoins to fall even more (which will raise the dominance). As you could see, the cryptocurrency had chosen the first option so far.
As of writing this, the current BTC dominance is 51.6%.
This is from our recent BTC price analysis:
BTC Dominance: 50.2% – Like any technical data, the 50% dominance mark should be a strong resistance level, in my opinion. It’s likely that either BTC will fire its engines or will get dumped, which will cause the altcoins, that had seen fabulous gains over the past month, to dump more whereas the dominance will raise.
