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In a few minutes, Bitcoin had reached an extraordinary peak of 5106 USD on Bitfinex, while the daily minimum was 4172 USD. This represents 22% of the gains made in the last two hours.
Since then and at the time of writing this, the coin had dropped slightly and is now trading for $ 4800 (Bitfinex).
These intraday movements were common during the early years of Bitcoin; However, a daily increase of more than 20% represents the largest daily gain since the very beginning of 2018. On April 12, Bitcoin recorded a daily range of $ 6758 to $ 8069.
At the time of writing this, we do not really know what pushed Bitcoin to increase so strongly. However, as we know the markets of cryptography, you must always expect the unexpected.
Altcoins are dumping: while Bitcoins celebrate in green, the vast majority of altcoins are breaking against the value of their Bitcoins. As always when there is a strong movement in Bitcoin, the Altcoins are affected. Against Bitcoin, we can see declines of more than 10% in value in major coins such as Ethereum and Ripple prices.
Bitcoin Dominance 50% Warning
In our previous badysis of the BTC price, we warned that Bitcoin's dominance, which accounts for BTC's share of the cryptography markets, would reach 50% for the first time in months.
There were two options – either bitcoin will skyrocket from here, or drop it drastically to make the altcoins fall further (which will increase the dominance). As you can see, cryptocurrency has chosen the first option up to now.
At the time of writing this, the current dominance of the BTC is 51.6%.
This is from our recent price badysis of the BTC:
Dominance of BTC: 50.2% – In the same way as any technical data, the 50% dominance threshold should be a high level of resistance, in my opinion. It is likely that BTC will either fire the engines or surrender, which will cause the altcoins, which have made fabulous gains over the past month, to lose more as dominance increases.
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