For too long Bitcoin, the undoubted king coin in the cryptocurrency market, was playing second-fiddle to its altcoin competitors in terms of price action, or inaction rather. Despite holding more than the collective altcoin market cap, a sluggish performance for the poster-boy of the virtual currency market, Bitcoin, fell below the mark, but now it looks to have finally resurged.
After rebounding off the $8,000 mark, a recent surge has buoyed the BTC market with the premier cryptocurrency trading at $8,650 at press time, amassing a significant 5.2 percent price gain against the US dollar in 24 hours. Late on June 13, the cryptocurrency broke the $8,200 mark, which analysts pegged could trigger a quick climb to the highs of $8,700, which manifested sooner. Over the next two days, the cryptocurrency broke several resistance and psychological levels to mount over $8,500 and now it stands to break the aforementioned high of $8,700 if the bulls continue to rage.
The late coming of the BTC bulls also allowed the cryptocurrency to once again break the $150 billion market cap, below which it fell earlier this month. June has, barring the recent rise, not been a positive month for the BTC market, given the bullish upswings of May and June. On June 5, the market cap of the king coin dropped to its lowest point in a month with a valuation of $136.2 billion, while the price failed to break over $8,000 on two occasions.
BitMEX continues to hold BTC trade dominance with their derivative contracts in the XBT/USD pair, holding 13.19 percent of the market. Other prominent exchanges on CMC include Negocie Coins, Coinall and OEX; however, in terms of “real” volume, Binance which finds itself on the 11th spot holds 1.35 percent of global BTC volume.
From gold to silver, Litecoin [LTC] has continued its overarching bullish performance in 2019. With the BTC bulls raging, LTC amassed a 4.36 percent price again in the past day. Trading at under $127 at 2100 UTC on June 14, the cryptocurrency surged to $136.75, a 7.76 percent gain in a matter of six hours. The bulls have since died down, but Litecoin is still trading over $135, with the prices looking to stabilize soon.
The market cap of the coin now stands at $8.45 billion, a notable rise from $7 billion earlier this week. Litecoin is the market leader on a weekly analysis, overtaking Bitcoin Cash [BCH] to take the fourth spot on the coin ladder on the back of massive double-digit gains on June 10 and June 11. Coinall holds over 8.6 percent of LTC trade volume in the pair LTC/BTC, but Binance is the highest ranking “real” exchange with only 1.21 percent of volume.
EOS pegged to the sixth spot on the coin ladder has also seen a 4.42 percent gain against the dollar, trading at $6.71, at press time. In the same time frame, the altcoin rose from $6.41 to $6.75 in a matter of hours, as the BTC bulls pulled the entire market into greener pastures. The correction shaved $0.05, but the price looks to stabilize above the $6.5 mark. The market cap of the coin stood at $6.17 billion, behind BCH by $1.3 billion.
Binance Coin [BNB]:
Notably the biggest loser, in terms of price change, is Binance Coin [BNB] which, earlier in the day, declined by over 9 percent. The token’s parent exchange, Binance announced geo-blocking of US residents and an imminent departure from the US market, with a simultaneous set-up of Binance.US, however, the market didn’t take too kindly to the event as BNB, at press time, is still dropping by over 5 percent against the dollar. From peak to plummet, this ordeal cost BNB over $800 million in market cap.