Bitcoin painted yet another 2020 high at above $13,850 and came inches away from breaking the 2019 peak as well. In contrast, most altcoins have remained steady or in red, and the Bitcoin dominance has surged above 62.5%.
Several Times In a Week: New Bitcoin 2020 Highs
The primary cryptocurrency has been on a roll in the past ten days. This resulted in two consecutive yearly highs last week, firstly at $13,220 and then at about $13,360.
In the past 24 hours, Bitcoin aimed and reached even higher. Firstly, the asset surged to $13,480. After a brief retracement, it went on the offensive again, which took it to $13,760.
Although this was a new yearly record, BTC wasn’t done yet. Just a few hours ago, the bulls drove the cryptocurrency towards its highest point painted in over a year – $13,865 (on Binance).
Consequently, Bitcoin came just a few dollars away from breaking the 2019 peak at $13,880.
The rejection actually pushed BTC down, and the asset currently trades at about $13,650. Nevertheless, popular Bitcoin proponent Max Keiser took the opportunity and doubled-down on his $28,000 per coin prediction.
Interestingly, Bitcoin’s gains came despite the unfavorable events on Wall Street. The S&P 500 and the Dow Jones Industrial Average closed yesterday’s trading session in red, while only the Nasdaq Composite saw slight green.
Market Cap To Above $400B, Alts Retrace Against BTC
Bitcoin’s 4% increase hasn’t really affected the altcoins, and most of them have lost value against the largest cryptocurrency. Ethereum struggles with $400 against the dollar while losing 2.5% against BTC.
In fact, most of the alternative coin market is deep in red when compared to Bitcoin. Ripple (-3.6%), Bitcoin Cash (-3%), Chainlink (-4.2%), Binance Coin (-5%), Bitcoin SV (-5%), and Polkadot (-8%) have also slumped in value against BTC.
As such, Bitcoin’s dominance over the altcoins has surged. The metric comparing BTC’s market capitalization with all altcoins broke above 60% last week, which was the highest level in over two months. After the developments in the past 24 hours, it has increased to 62.6%.
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.