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Bitcoin price has performed rather well during the pandemic in comparison to the Dow Jones that was down 0.80% year to date.
Against all odds, Bitcoin price jumped over 4% on Tuesday to trade comfortably above $12K while many altcoins are in red. At the time of writing, the asset was trading around $12,269.29. Notably, Bitcoin price has now retested the $12K resistance level again after it was unable to push beyond it in August.
With the asset being closely watched by high-value institutional investors, analysts and more retail investors, such a tweak can be regarded as an indication of an imminent bull rally.
Furthermore, Bitcoin has gotten more clarity in most jurisdictions besides boosted adoption. According to metrics provided by CoinGecko, Bitcoin had a market capitalization of $227,261,604,812 out of $380,034,174,510 total market capitalization. Hereby putting Bitcoin’s market dominance at 59.8% followed by Ethereum with a market dominance of around 11.3% and USDT closing the top three with a market dominance of around 4.22%.
As the asset got traded more globally, CoinGecko reported Bitcoin daily trading volume at $24,271,572,166. Notably, there were 18,522,800 Bitcoins in circulation reciprocating to approximately 88.20% of total bitcoin mined at the time of publication.
Bitcoin Price and Performance of Major Altcoins
With the clock counting down to the next halving event scheduled to take place approximately on 07 May 2024 07:21:23 UTC according to Bitcoinblockhalf, investors are rushing to accumulate more of the asset as the supply diminishes by the day amid heightened global demand.
As the activity within the Bitcoin blockchain increases by the day, the reported hash rate at the time of reporting was approximately 124.47 Exahashes/s. The hash rate is a metric apparently used to indicate the level of security within the Bitcoin blockchain.
It is associated with miners who maintain the blockchain security as they significantly control Bitcoin’s supply rate. Having jumped to trade above. $12K, Bitcoin price was up 48.9%, 11.9%, 15.3%, 7%, and 4% in the past one year, 30 days, two weeks, seven days and the past 24 hours respectively through Tuesday.
Bitcoin price has significantly done well during the pandemic in comparison to the Dow Jones that was down 0.80% year to date. Notably, the Dow Jones stock index was up 5.68% in the past year, indicating it has dropped during the pandemic whereas Bitcoin has risen.
In most instances, the Bitcoin bull run is accompanied by altcoins bull rally. However, the case seems to be decoupling as market fundamentals especially asset utility significantly govern assets’ market price.
In the past 24 hours with Bitcoin price up over 4%, Ethereum, the second in market capitalization, was down 0.3%. On the other hand, XRP, the third in terms of market capitalization, was stagnant.