For too long Bitcoin, the undoubted king coin in the cryptocurrency market, was playing second-fiddle to its altcoin competitors in terms of price action, or inaction rather. Despite holding more than the collective altcoin market cap, a sluggish performance for the poster-boy of the virtual currency market, Bitcoin, fell below the mark, but now it looks to have finally resurged.
After rebounding off the $8,000 mark, a recent surge has buoyed the BTC market with the premier cryptocurrency trading at $8,650 at press time, amassing a significant 5.2 percent price gain against the US dollar in 24 hours. Late on June 13, the cryptocurrency broke the $8,200 mark, which analysts pegged could trigger a quick climb to the highs of $8,700, which manifested sooner. Over the next two days, the cryptocurrency broke several resistance and psychological levels to mount over $8,500 and now it stands to break the aforementioned high of $8,700 if the bulls continue to rage.
The late coming of the BTC bulls also allowed the cryptocurrency to once again break the $150 billion market cap, below which it fell earlier this month. June has, barring the recent rise, not been a positive month for the BTC market, given the bullish upswings of May and June. On June 5, the market cap of the king coin dropped to its lowest point in a month with a valuation of $136.2 billion, while the price failed to break over $8,000 on two occasions.
BitMEX continues to hold BTC trade dominance with their derivative contracts in the XBT/USD pair, holding 13.19 percent of the market. Other prominent exchanges on CMC include Negocie Coins, Coinall and OEX; however, in terms of “real” volume, Binance which finds itself on the 11th spot holds 1.35 percent of global BTC volume.