“Another day, another high for the leader” is what seems like a common scenario over the past few days. On May 4, we see a new Bitcoin high which saw the most dominant cryptocurrency surging beyond $5,800 and proving that the crypto economy is entering another bullish phase.
As reported by many best cryptocurrency news sites, the Bitcoin price was up by more than 4% on the day and was 10% on the week and up 66% over the last three months – as well as over 1,166% over the last five years. The new high for BTC is still nothing compared to the $20,000 that BTC established in December 2017 before the bear market in 2018 which shows that Bitcoin is still down 41% on the year as such.
But even despite the new Bitcoin high, most of the other top cryptocurrencies saw modest gains too. In the coming altcoin news, Ethereum (ETH) was up more than 2% to $162.70 while Bitcoin Cash (BCH) was up over 7% to $290.15, and Litecoin (LTC) was nearly 5% in the gains, rising to $77.29.
The upward trend also sees the Bitcoin market capitalization growing to more than $102.6 billion which is a record high for 2019. The daily trading volume for Bitcoin also rose to $16.69 billion and the Bitcoin dominance rate went over 56% with another new Bitcoin high for this year.
The latest cryptocurrency news show that the price of the most dominant crypto seems stable as BTC is steady and sustaining the gains – leading to an acute surge of optimism and awareness in the market. The increasingly positive sentiments around the most dominant cryptocurrency have generated further buy pressure upon the genesis cryptocurrency.
In recent days, the world of cryptocurrencies has been driven by allegations that Bitfinex has lost control of more than $850 million worth of “comingled” client and company funds. Despite this, there is a new Bitcoin high which shows that the market is stable and not prone to speculations.
Regarding Bitcoin’s adoption, the new BTC high shows that Bakkt is still waiting for approval from the U.S. Commodity Futures Trading Commission (CFTC) to launch its physically settled Bitcoin futures. Meanwhile, Fidelity Digital Assets already started trialing its platform with select institutional customers and ErisX also launched its spot trading crypto derivatives platform this week – all of them with the potential of becoming big among large firms.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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