Although the price of Bitcoin continues to fall, the cryptocurrency market has been able to maintain its recovery from 2018’s bear market, with several altcoins gaining significantly in the past week. One of the most surprising altcoins in terms of price movement is Dash, which is up by more than 50% over the past week. The gains have helped dash to become the world’s sixth-largest cryptocurrency by market capitalization.
While Bitcoin’s price continued its downward slide, most altcoins gained value. Dash, in particular, hit a new all-time high of $1,040. Right now it’s just under $1,000. (Cryptocurrency is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.)
Bitcoin’s market capitalization has fallen to less than 50 percent of the cryptocurrency market for the first time in history. As of today, the total value of all cryptocurrencies is $166.9 billion, reflecting a decline of $40.1 billion since the beginning of the month. Bitcoin’s share of the market has fallen from 81.9 percent on January 1 to just 49.7 percent. This development is significant, because it suggests the cryptocurrency market is becoming more diverse, despite bitcoin’s recent struggles. This could lead to an interesting dynamic in 2018. If the value of altcoins continues to rise, it could become increasingly difficult for bitcoin to maintain its dominance.. Read more about altcoin correction and let us know what you think.On the 18th. May, bitcoin (BTC) and the crypto-currency market in general faced another round of selling as FUD – fear, uncertainty and doubt – affected investor sentiment after Reuters and several social media outlets reported that China would ban financial institutions and payment companies from offering services related to crypto-currency transactions. According to reports, China has also issued a warning to several Chinese trade associations about the dangers of investing in cryptocurrencies. Data from Cointelegraph Markets and TradingView show that the bulls were on the winning side on the 18th. May tried to push the bitcoin price above the resistance level of $45,000, but the price dropped back below $43,000. 4 hour chart BTC/USDT. Source: TradingView While the state of bitcoin may seem bleak to some, several key events, including a spike in BTC outflows from leading US cryptocurrency exchange Coinbase and the discovery that MicroStrategy used this latest drop to buy $10 million worth of BTC, point to further growth potential for the leading cryptocurrency. The volatile nature of current bitcoin market conditions is perhaps best expressed in the following tweet from crypto-currency analyst and Twitter personality Rekt Capital, which highlights the importance of the upcoming end-of-day close for BTC. Every time #BTC Daily closed within or above green support, there was a bullish reversal#Bitcoin is back at green support, but is now below it. Green could surge to new resistance if BTC doesn’t close within/abovehttp://t.co/2p4FgWWEIi pic.twitter.com/2iGcjLkAgU – Rekt Capital (@rektcapital) 18. May 2021
Altcoins get rid ofdecline
Despite the large-scale assault on the crypto-currency market in recent weeks, the prices of many altcoins have exploded in recent days as traders drop underperforming tokens and focus on tokens that have become bullish. The highlight of the week was MATIC, Polygon’s native token, a fast-growing Ethereum layered solution that has become a haven for traders looking to lower costs. VORTECS™ score (green) compared to the MATIC price. Source: Cointelegraph Markets Pro According to Cointelegraph Markets Pro, market conditions have been favorable for MATIC for some time, as evidenced by its latest VORTECS™ score of 99 out of 15. May, which shows about 50 hours before the price rose 83% from a low of $1.47 on May 17 to a new all-time high of $2.70 on May 18. The month of May was recorded. The decision was made amid record volume of $6.84 billion traded 24 hours a day. The Synthetix Network (SNX) token was issued on the 18th. May also saw an increase in trading volume, pushing the price up 40% to an intraday high of $25.64, while the smart-chain-based DeFi Venus token on the Binance XVS platform rose 63% to an intraday high of $143.41. Daily indicators for the crypto-currency market. Source: Coin360 Other notable double-digit growth rates include 40% growth for Celer Network’s ARK and CELR, and 20% growth for AAVE and Helium Network Token (HNT). The total capitalization of the cryptocurrency market is now $2.076 trillion and bitcoin dominates 39.4% of that. The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph. There are risks associated with all investments and transactions and you should do your own research before making a decision.This morning, Bitcoin (BTC) surged in price to a new all-time high of $47,000, according to Coinmarketcap.com. However, altcoins have seen a massive surge of their own, with many of them posting all-time highs in price as well. Total market cap of the entire cryptocurrency market has topped $125 billion for the first time ever, with every single cryptocurrency in the top 100 seeing gains of at least 10% over the past 24 hours.. Read more about btc price crash and let us know what you think.
Frequently Asked Questions
How does Bitcoin price affect Altcoins?
Bitcoin has dropped to a low of $42,500 — a decrease of 17.7% from the previous week — amid a broad crypto sell-off. The price of Bitcoin is down more than 50% from its all-time high of almost $20,000 in December. This has led to a number of altcoins gaining double-digit percentage increases. (At press time, the price of Bitcoin has fallen to $42,500.) For example, the price of Ripple increased by 25.2% over the last week. The price of Ripple was as low as $0.28 on Dec. 2, 2017, but it has increased every day since then, hitting a high of $3.84 on Jan. 2, 2018 As everyone knows, the recent fall in Bitcoin price affected all cryptocurrencies, and some of the top ones had to revalue and even restructure their businesses as a consequence. For example, Dash (DASH) had to restructure and reduce the number of full-time workers in their offices in an effort to save money. However, the dip in the Bitcoin price hasn’t affected Dash as much as other cryptocurrencies, mainly because it’s a more mature coin with wider acceptance.
Do Altcoins go up when Bitcoin goes up?
It’s a question that has vexed cryptocurrency investors since the value of Bitcoin first started to rise: do altcoins go up when Bitcoin goes up? (Note: if you are unfamiliar with cryptocurrency, the artificial intelligence that serves as the basis for this blog will automatically replace the word “altcoin” with “cryptocurrency”, and vice versa.) The question of whether altcoins go up when Bitcoin goes up has been a popular topic of debate among cryptocurrency investors, and many theories have been put forth. There are those who argue that altcoin prices can be predicted using indicators such as the relative strength index (RSI), while others claim that altcoin prices tend to move in tandem with Bitcoin price movements.
Why do Altcoins drop when Bitcoin Rises?
One of the most popular strategies in cryptocurrency investing is to trade altcoins based on Bitcoin’s price moves. It makes sense. When Bitcoin’s price rises or falls, altcoins are often the first assets that get bought or sold. This is because they are often less correlated with Bitcoin than with each other. For example, if you see the price of Tron falling, and that makes you think that the Tron project is struggling, you might buy more Ethereum. It’s a natural response. This is actually a really good strategy, since it reduces your risk. But it can also backfire. As most altcoin holders will be aware, there has been a lot of buzz around the market lately caused by the sudden rise of Bitcoin price. A number of factors have contributed to that rise, from the upcoming (Blockchain) conference to the debate over the Bitcoin (SegWit)2x hard fork. But what does that mean for altcoins? As the overall cryptocurrency market capitalization has grown by 13% over the past 24 hours, many altcoins have seen a significant drop on the back of Bitcoin’s rise, as investors switch back to the world’s number 1 cryptocurrency. The last time this happened, in late May, altcoins then dipped from $90 billion to a low of $70 billion the following day, as Bitcoin rose
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