Crypto Market Continues To Gain Strength With Bitcoin Dominating The Market Cap At 71 Per Cent

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TradersDNA
Crypto Market Continues To Gain Strength With Bitcoin Dominating The Market Cap At 71%

By Christel Quek – Chief Commercial Officer, Co-Founder, BOLT.Global

With crypto markets gaining strength over the last few months, Bitcoin has been the biggest benefactor, outperforming alt coins over the last three months and further consolidating market dominance. The currency currently holds a 71% share of the crypto market cap, with the price stabilising at the $10,000 levels.

Now viewing Bitcoin from a new vantage point of continued technical strength, there are blue skies ahead – it seems the conditions were right for such gains while overall market consensus assumes we have entered the early phase of the next bull cycle.

The growth charts for the currency has been different this year, seemingly more stable and effective than expressing volatile spurts as seen last in December 2017 when Bitcoin plummeted from its $20,000s peak.

BTCUSD Chart. Source: DailyFX

The alt coin market has largely benefited by the revival of bitcoin, but appetite for other crypto tokens are still dwarf in comparison. The other major alt tokens needs to develop sound technical and commercial applications to gain strength. For the moment as bitcoin mining consolidates, its price will continue to surge. Once we reach a 90% cap, the value should rise exponentially and take up much of the news agenda – a cycle that can inflate its price point.

In other major currencies, Ethereum continues to be subdued under a bearish market, while Ripple is struggling to maintain its price levels and consolidate at $0.25 levels. The BOLT token has had a revival, up by 7% against the USD on Friday – supported by strong technical and major utility application on the BOLT content ecosystem.

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