Bitcoin has always dominated more than 50% of the total cryptocurrency market. This is because it is the flagship cryptocurrency. However, the price of Bitcoin used to have a close relationship with the price of altcoins. Each time Bitcoin price surged, altcoins rally along and gain at a faster rate than Bitcoin. This happened when the price of Bitcoin moved near $20,000 in the 2017/2018 cryptocurrency bull run. This time, however, investors are calling for a Bitcoin bull run that would be three times as intense as when BTC hit its all-time high. The difference is that the price of Bitcoin is not rallying along with the price of altcoins (well, at least not significantly). What does this mean for altcoins? Are altcoins dead? Will the Bitcoin price prediction 2019 remain bullish until it surpasses its all-time high?
Bitcoin Price Prediction 2019 – Bitcoin News – Death To Altcoins – Are Altcoins Dead? Cryptocurrency Price Prediction
While many people have been looking for the best altcoin to buy or the best altcoin to invest in 2019, the narrative seems to have changed as Bitcoin has, once again, proven that it is in control of the market. Cryptocurrency analysts took to Twitter to discuss the effect this increase in Bitcoin dominance will have on altcoins. They have predicted death to all altcoins if the price of BTC continues to dust altcoins. Many altcoins are losing against the price of Bitcoin. It wasn’t until towards the end of trading yesterday that some altcoins started gaining enough momentum.
The current price action of Bitcoin relative to altcoins has caused panic in the cryptocurrency space. While some altcoin holders are sell-off any buying Bitcoin, others are predicting the death of altcoins. Yesterday, Bitcoin’s dominance in the market hit last September highs. Within last month alone, it moved by up to ten points. Bitcoin broke it relationship with altcoins when it crossed the $4200 and marked the end of the cryptocurrency winter.
The fact that Bitcoin is leaving altcoins behind is a good and bad thing at the same time. This is because a price correction is going to happen eventually and when it does, there is a strong chance that the total market capitalization will fall below the important support at $180 billion. The only way this can be avoided is if the altcoins start a rally and investors take their profits from the recent Bitcoin bull run slowly rather than rapidly. This would save the Bitcoin price prediction 2019.
Bitcoin Price Prediction 2019 – Bitcoin News Today – Current Price Of Bitcoin
At the time of writing, the price of Bitcoin was $6,795.64. This means that it is up by 7.84% against the USD. The trading volume over a 24 hour period is $21,803,503,733 and the market capitalization is $120,240,905,769. A well-known cryptocurrency analyst on Twitter, CryptoDog, has predicted that the price of Bitcoin will hit $7000 before the end of trading today. Considering the current bull pressure in the market, there is a high chance that this will happen.
Bitcoin (BTC) Price Today – BTC / USD
Meanwhile, the largest altcoin per market capitalization, Ethereum ETH, is crawling higher against the USD. At the time of writing, it was just gaining momentum at $178.29. This means that it is up by 2.38% against the USD and down by 4.95%. XRP, on the other hand, is still flirting with $0.3000. Some members of the cryptocurrency community have concluded that XRP is a stablecoin.
What do you think about the Bitcoin price prediction 2019 and the ever growing Bitcoin market dominance? Are altcoins dead? Will the price of Bitcoin hit $7000 by days end? Share your thoughts in the comment section.