The total market capitalization of the crypto market has stretched by $170 billion in a matter of two days as Bitcoin jumped over $58K along with Ethereum and Binance Coin making new records. After finally making a move in the market, Bitcoin somehow managed to regain some of its dominance in the market which was lost.
Bitcoin Gained $6K, Reclaims Its Market Dominance
The recent moves in the price of Bitcoin were impressive as they showed the lost potential of the cryptocurrency. However, the performance of altcoins such as Ethereum and Binance Coin can not be ignored too amid Bitcoin frenzy.
The plummet in the price of Bitcoin which pressurized it to a level below the mark of $50K was finally recovered. On April 29, the bear market made use of the inability of Bitcoin to break out and pushed it south again to the mark of $52K.
Though since then, a reversed trend is witnessed and Bitcoin has managed to recover some thousand dollars in a matter of hours.
Accordingly, the asset traded around the mark of $54K before it finally made a significant move in the upward direction. Bitcoin spiked by about $4.5K and managed to reach its highest price since the crash of the crypto market on April 18.
On its way up in the market, the total market capitalization of Bitcoin went swiftly above the level of $1 trillion. In addition to this, the present market dominance of the cryptocurrency is 49%.
Altcoins Such as Binance Coin and Ethereum at All-Time Highs
Ethereum, doubling down on the custom, has managed to mark consecutive new information up to now week or so.
Moreover, Ethereum spiked to its latest all-time high in the previous 24 hours of simply over $2,870.
Moving further with the market, similar growth was witnessed in the third-largest cryptocurrency, Binance Coin, as it flirted with the mark of $600 yesterday, however, jumped with over $40 in a matter of hours to a brand-new report of about $645.