In the cryptocurrency world, there are a lot of eyes on Bitcoin’s value at all times. The world’s leading cryptocurrency dictates the pace for all other markets, either for better or worse. This week is off to a good start in that regard, as it seems the price is moving up swiftly once again. All other markets seem to follow suit, albeit there is still no sign of an altcoin season whatsoever.
Bitcoin Inches Ahead Strongly
It has been some time since the Bitcoin price decided to move up in a somewhat decisive manner. The last time this happened the BTC value hit close to $11,000 and quickly dropped to $9,500 in the coming days. It remains to be seen if this time around will be any different, as there are still a lot of unknown factors to contend with. The recent push to $11,700 offers a glimmer of hope, albeit the trend might not remain in place for too long.
To put this in its proper perspective, the Bitcoin price gained 23% in the past seven days. That in itself shows there may be some longevity to this recent price push, albeit the reality often works out very differently. Today’s 8.2% gain only fuels the fire as to how things might finally begin looking up again. A new all-time high for 2019 would be more than welcome, according to most holders, albeit only time will tell if that is even a possibility given the current circumstances.
Bitcoin Dominance Index Rises Again
Another telltale sign of what might be going on behind the scenes is how the Bitcoin Dominance Index is still on the rise. Following a strong push to the 66% level over the past few months, it now seems the 68% level is coming within reach. This is not a good sign for altcoin speculators. Despite the Litecoin block halving, the popular altcoin failed to keep its momentum alive after surpassing $100 in very quick succession. Money is flowing from alts into Bitcoin, and not the other way around.
Most Markets Struggle to Keep up
Anyone who has high hopes for altcoins will be sorely disappointed when looking at the weekly price changes. Out of the entire top 15, no cryptocurrency comes close to Bitcoin’s weekly gains, which is not overly surprising. Further down the line, Tezos is the only altcoin of the top 45 to surpass Bitcoin’s gains percentage-wise, although it seems that market will see some bearish trend sooner rather than later. In fact, several markets have turned rather bearish already, which is a sign of what the future might hold for the rest of the markets in the days and weeks ahead.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.