Bitcoin Regains $10K Following Huge Price Surge
By Luke Flowers - Crypto Specialist
In spite of fears, Bitcoin managed to recover the $10000 level that it lost a couple of days ago when trading volumes went from $12 billion to $18 billion. At the time of writing, BTC is trading at around $10,385, which is up 6% on the previous day, suggesting more are buying Bitcoin.
This recent price level held even when the sentiment for BTC turned to fear after the rise. A gauge sometimes used to help determine the habits of traders. Even though the price level is just above the $10k mark, purchasing habits are like the bottom of the bear market that took place last year, which could suggest more may look to buy Bitcoin.
After the price rise, the BTC daily capitalisation dominance went up to 70.1%, which is the highest level since the spring of 2017. CoinMarketCap provides a chart displaying this dominance across the whole market. You can see that Bitcoin dominance over 2019 has been slowly growing in which its market cap has almost tripled in the same period.
Despite this, however, the market share of altcoins dropped by about 13%, going back to the same levels before the big rally at the end of 2017. 2019 has therefore seen more interest in users buying Bitcoin than any other coin and has become the most successful asset of the year to date in terms of adoption and price increase.
One other reason for BTC's price surge is the disappointment that was seen with some of the hot new projects. Many users would buy Bitcoin to invest in another coin, but due to the slow deliverance of promises, tokens and coins quickly lost their trading and liquidity positions as many looked to cash out crypto received.
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