Despite all the difficulties, the price of Bitcoin jumped more than 4% on Tuesday to trade comfortably above $ 12K, while many altcoins are in the red zone. At the time of writing, this asset is trading at around $ 12,269.29. Notably, the bitcoin price tested the $ 12K resistance level again after failing to overcome it in August.
With the asset being closely watched by large institutional investors, analysts and an increasing number of retail investors, this setup can be seen as an indicator of an imminent bullish rally.
In addition, Bitcoin has gained more clarity in most jurisdictions beyond accelerated adoption. According to the metrics provided by CoinGecko, Bitcoin's market cap was $ 227,261,604,812 out of $ 380,034,174,510 of total market cap. Thus, the dominance of Bitcoin in the market is 59.8%, followed by Ethereum with a dominant market position of about 11.3% and USDT, which rounds out the top three with a dominant market position of about 4.22%.
As the asset began to trade more globally, CoinGecko reported that daily bitcoin trading volume was $ 24,271,572,166. It is noteworthy that there were 18,522,800 bitcoins in circulation, which was approximately 88.20% of the total mined coins at the time of publication.
Bitcoin price and indicators of major altcoins
As the clock ticks down to the next event, which is set to take place around May 7, 2024 at 07:21:23 UTC, according to Bitcoinblockhalf, investors are rushing to accumulate more assets as supply decreases every day amid heightened global demand.
As the activity within the Bitcoin blockchain increases every day, the reported hash rate at the time of writing was approximately 124.47 exa hashes per second. Hash rate is a metric that appears to be used to indicate the level of security in the bitcoin blockchain.
This is due to the miners who maintain the security of the blockchain as they greatly control the bitcoin delivery speed. Moving on to trading above. 12 thousand dollars, the price of bitcoin increased by 48.9%, 11.9%, 15.3%, 7% and 4% over the past year, 30 days, two weeks, seven days and the last 24 hours, respectively, until Tuesday.
The price of bitcoin has risen significantly during the pandemic compared to the Dow Jones, which is down 0.80% since the beginning of the year. Notably, the Dow Jones stock index has risen 5.68% over the past year, indicating that it fell during the pandemic, while Bitcoin rose.
In most cases, a bullish rise in Bitcoin is accompanied by a bullish rally in altcoins. However, this case seems to be unleashed as market prices for assets are largely governed by market fundamentals, especially asset utility.
Over the past 24 hours, with the price of bitcoins rising more than 4%, Ethereum, the second largest by market cap, has dropped 0.3%. On the other hand, XRP, the third largest by market cap, hasn't moved.