Crypto Market Watch: Is Bitcoin Scared of The June 2019 Highs?

Bitcoin painted yet another 2020 high at above $13,850 and came inches away from breaking the 2019 peak as well. In contrast, most altcoins have remained steady or in red, and the Bitcoin dominance has surged above 62.5%.

Several Times In a Week: New Bitcoin 2020 Highs

The primary cryptocurrency has been on a roll in the past ten days. This resulted in two consecutive yearly highs last week, firstly at $13,220 and then at about $13,360.

In the past 24 hours, Bitcoin aimed and reached even higher. Firstly, the asset surged to $13,480. After a brief retracement, it went on the offensive again, which took it to $13,760.

Although this was a new yearly record, BTC wasn’t done yet. Just a few hours ago, the bulls drove the cryptocurrency towards its highest point painted in over a year – $13,865 (on Binance).

Consequently, Bitcoin came just a few dollars away from breaking the 2019 peak at $13,880.

The rejection actually pushed BTC down, and the asset currently trades at about $13,650. Nevertheless, popular Bitcoin proponent Max Keiser took the opportunity and doubled-down on his $28,000 per coin prediction.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Interestingly, Bitcoin’s gains came despite the unfavorable events on Wall Street. The S&P 500 and the Dow Jones Industrial Average closed yesterday’s trading session in red, while only the Nasdaq Composite saw slight green.

Market Cap To Above $400B, Alts Retrace Against BTC

Bitcoin’s 4% increase hasn’t really affected the altcoins, and most of them have lost value against the largest cryptocurrency. Ethereum struggles with $400 against the dollar while losing 2.5% against BTC.

In fact, most of the alternative coin market is deep in red when compared to Bitcoin. Ripple (-3.6%), Bitcoin Cash (-3%), Chainlink (-4.2%), Binance Coin (-5%), Bitcoin SV (-5%), and Polkadot (-8%) have also slumped in value against BTC.

Altcoins Vs. Bitcoin. Source: coin360.com
Altcoins Vs. Bitcoin. Source: coin360.com

As such, Bitcoin’s dominance over the altcoins has surged. The metric comparing BTC’s market capitalization with all altcoins broke above 60% last week, which was the highest level in over two months. After the developments in the past 24 hours, it has increased to 62.6%.

Bitcoin Dominance. Source: CoinMarketCap
Bitcoin Dominance. Source: CoinMarketCap

 

Source: Crypto Potato