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Bitcoin Spikes Above $6,00 While Altcoins Remain In The Red Zone

ยท 10 May 2019 in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Bitcoin (BTC) has surpassed $6,000 for the first time in six months and the digital currency continues its bullish trend. Although Bitcoin is growing, most of the altcoins in the market are not expanding as Bitcoin, indeed, most of them remained stable or fell during the same period of time.

Bitcoin Surpasses $6,300

Since the beginning of April, Bitcoin is operating in a positive trend that allowed the digital currency to grow over 100% since it bottomed in December 2018. At that time, Bitcoin was traded close to $3,150 and then it started an ascending trend that has recently reached $6,300.

Bitcoin was not only able to reach the same price level as it had back in November 2018, but it has also registered the largest market dominance since December 2017. Other digital assets are losing their presence in the market that became very competitive in the last months.

At the time of writing this article, Bitcoin has a market capitalization of over $111 billion and a price of $6,300, according to CoinMarketCap. The digital currency registered a price increase of 4.17 percent in the last 24 hours. Moreover, Ethereum (ETH), the second largest crypto is growing 2.14 percent. Each ETH can be bought for $173. Litecoin (LTC) is the second-best performing asset after Bitcoin and in the top 19. In the last 24 hours, its price expanded 2.7 percent.

According to data provided by Messari.io, the total trading volume of the most popular digital asset has reached $15.5 billion. However, it is widely known that exchanges perform wash trading techniques in order to register larger trading volumes on their platforms and attract users. This is why the real trading volume seems to be close to $502 million, according to CoinDesk.

Bitcoin is starting to show that the bear market is almost over and something from the past. A new bull market is expected to start soon allowing the digital asset to attract a larger number of users and investors to the market. Although it is far from reaching a new all-time high, Bitcoin is pushing the market into the correct direction.

Next year, with a halving event and increased demand from institutions and larger investors, the most popular crypto could surpass its all-time high and reach new price levels. The same can happen to other digital assets as well.

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