For the very first time in almost a year, the price of BTC increased beyond six thousand dollars ($6,000) today on major cryptocurrency exchanges worldwide.
In the early hours of the day, Bitcoin, the largest digital currency in the crypto world, increased in value from $5,000 to as high as $6,076. The price of BTC is now thirty-six times higher than the price of it’s closest competitor. The current price is the highest BTC has attained since 14th of November, 2018.
BTC is currently trading at 6,074.02 US Dollars at the time of this writing and has continued to trade at an average of $6,045 across other major cryptocurrency exchanges worldwide.
BTC’s market capitalisation has increased above $100 billion according to several reports and news media. $1.45 billion to be precise or 1.39% with regards to the total investment it has received in the last 24 hours. The sudden inflow of investment is purported to have driven the price to its current value. This is the first time BTC’s market capitalisation is getting to this range since November 2018.
With the recent news of various investments and predictions of expert’s in the industry, BTC is expected to rise as high as $100, 000 in the coming years. Some experts believe that it would not stop there but would further increase before the end of the month to $7,000. If that is the case, this price increase would also prompt other alt coins to see a significant increase in price.
When we compare BTC with other cryptocurrencies, the current market share has hit an all time high of 56.8 % in the past few months. This figure shows how far Bitcoin has come since September 2018, therefore asserting its dominance over other Altcoins.
Messari.io data also reported that BTC’s total trading volume exceeded $15.5 billion across 10 major cryptocurrency exchanges indicating actual volume figures from Bitwise Asset Management cryptocurrency value report. BAM report also revealed a more accurate 24 hour volume figure for BTC to be within the range of $502 million.
One good thing about BTC is that other cryptos follow suit when its price increases. The higher the price of Bitcoin, the higher the price of other Altcoins and vice versa. This means that the any volatility BTC experiences in price, there would be a significant increase or decrease in the price of other Altcoins.
Cryptocurrencies like (ETH), EOS (EOS), and Cardano (ADA) also saw a slight increase in their market cap with the aforementioned digital currencies gaining a 2% growth in 24 hours.
With these substantial increase seen on across alts and with Bitcoin boasting an increase of 3.64%, the total market capitalisation increased by $5.4 billion in just a few hours. The present value now stands at $189.1 billion.
Experts believe that BTC plays the most important role in the general capitalization of the crypto market. At the moment, the industry is looking to recover the losses it experienced in the last few months of 2018 and would be hoping to attain the price it peaked at in December 2017.