This week, the crypto market registered a spike in activity, which has manifested itself in high price increases. Bitcoin has exceeded the psychological threshold of 10,000 and is trading in the range of $ 10,350-10,500.
Other top cryptocurrencies, however, registered much higher percentage increases, causing the BTC dominance to fall below 62%.
Ethereum, for example, is approaching $ 270, an increase of over 100% this year. By comparison, BTC increased by about 45%.
XRP exceeded $ 0.32, representing a 70% increase from the beginning of the year. BCH and BSV are the only cryptocurrencies in the top 20 market cap that have declined in the last 24 hours. However, they have increased by 130%, respectively 275% since the beginning of 2020.
EOS has doubled its value since January and is trading around $ 5.4. Tezos also increased 130% in 2020 and reached $ 3.2.
The total valuation of the crypto market is over $ 300 billion
Overall, the total valuation of the crypto market reached $ 302 billion, and Bitcoin dominance decreased to 61.8%.
After two years of low activity for altcoins and a relatively volatile year for BTC, 2020 started with a significant optimism.
In the last few months, the market cap of all others has grown, showing a renewed interest in smaller assets. By 2020, most altcoins have a completely different culture, and trends show that this market is open to new returns.
As for the price of Bitcoin, most analysts are optimistic and expect further short-term growth.
An argument in this regard is the intensification of the activity in the derivatives market. According to the latest data, both Bakkt and CME have recorded record values for Bitcoin futures.
Futures allow traders to speculate on a core asset or hedge their risk in a core position.
To the extent that they are important risk management tools for institutional investors, the growth of the market may serve as a signal of the maturity of the digital asset market.
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