On 12th of May 2019, it was the first time since the month of August 2018, that the price of Bitcoin has risen so sharply. The price of a Bitcoin was $7,500 for the first time in nine months. This is the best time to buy Bitcoin with credit card. This move has brought a resurgence in the market of cryptocurrency. Bitcoin is the world’s largest cryptocurrency standard in terms of market capitalization, and also accounts for half of the cryptocurrency market as well. The price of Bitcoin jumped to $7,577 at of time 13:36 GMT, for the sole time since its price back in the days of August 2nd 2018, according to the BPI or Bitcoin Price Index of Coindesk.
The bad news is that the price have slightly cooled off since the surge in price, and is therefore currently trading it at $7100, which gives the suggestion that the market has overbought the product. The price of Bitcoin that has been a nine-month high, seems to driven out all of of the bearish sentiment that was not letting the price increase. And the current trend has changed to a more long term bullish type market. The price also has seen a rise in the number of transactions as well, in a 24-hour bracket, which has seen it rise to 29.33 billion – which is a per the data released by Coin Market Cap.
Still, the ‘Real 10’ volume of Bitcoin – a metric that takes in account the highest amount of trading volumes as has been identified from various exchanges that post honest value figures, as it was identified by Bitwise Management Asset. The value currently stands at 1.87 billion, according to Messari.io. Apart from that, the dominance rate of Bitcoin – which is a measure of its market share versus other type of cryptocurrencies, has finally hit a 17-month high at 59 per cent. This change indicates that the broader market has lagged the current Bitcoin price rally. The dominance of Bitcoin may be dropping in the coming days, as the other alternative types of cryptocurrencies are starting to show more life and growth in them. Cryptocurrencies like Bitcoin Cash, Tezos, Bitcoin Gold have started to see double digit figures of growth in them.
When it comes to the other types of highly ranked cryptocurrencies, the market has risen as well. Cryptocurrencies like Litecoin, XRP, EOS and Binance – all have gained between 6 and 9 per cent, on a 24-hour period, according to CoinMarketCap. Also, another thing that should be noted here is that the total market capitalisation has also risen to six-month high of almost $219 billion. the market capitalisation of Alt Coins has seen a flag breakout in this period as well. This means that there is certain bullish trend going on, and this will ensure that good days are coming for ahead for the cryptocurrency market in the long run, without a doubt.