Bitcoin Reaches $19.3k, Bringing It Closer to All-Time-Highs
Bitcoin is having its second-highest trading day ever as its hitting a new multiyear high of $19,330. We continue to create momentum towards the upside while creating a confident price level under our feet. Bitcoin has now spent 283 days above $10,000… if it hasn’t disappeared thus far then the penta-digit price level is likely here to stay.
Data shows that bitcoin has gained more in USD terms than any month in its history. Although still sporadic, this market is more sustainable than the previous bull run on 2017. The key going forward isn’t how fast we can get to 20k and create new records but instead, how fast can we build a foundation.
Altcoins have also begun to take back some of their market share. The bitcoin dominance has dipped down to 60.6%. Anything lower than 60% can signal the beginning of an altcoin cycle.
If we take a look at 2017’s altcoin cycle then we can assume that a bitcoin dominance should hit as low as at least 50% for us to be certain that we’re deep into an altcoin bull run.