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Bitcoin (BTC) Breaks $8,000 as Alt-coins Suffer

Bitcoin (BTC) has done it! Bitcoin (BTC) has broken the $8,000 price ceiling. According to coinmarketcap.com, BTC gained well from values of $7,724 to $8,006 in a matter of 5 hours. Some exchanges such as Binance, witnessed a higher value of BTC at around $8,047. The King of Crypto is currently trading at $7,989 and up 3.72% in the last 24 hours at the moment of writing this.

Bitcoin (BTC) Breaks $8,000 as Alt-coins Suffer 17
BTC reaching $8,006. Source, coinmarketcap.com

Many crypto-traders and enthusiasts believe this is the start of something great in the form of another Bitcoin Bull run that could lead to the King of Crypto finishing the year at a value greater than last year’s peak of $20,000.

In an interview to CNBC’s ‘Fast Money’, Brian Kelly, CEO of the digital asset focused BKCM fund, gave the following reasons as to why Bitcoin is beginning to look more bullish.

  • Upcoming Bitcoin ETF decision by the SEC
  • More institutional investors considering cryptocurrencies and blockchain tech as investment options
  • The advancement of blockchain as ‘Web 3.0’
  • End of Bitcoin selling pressure in the markets

Brian Kelly’s remarks coincide with Bitcoin further gaining dominance in the crypto markets to current levels of 46.8%. BTC dominance was 46% only 24 hours ago when Ethereum World News covered the story. With the total crypto market capitalization yet to reach $300 Billion and at current levels of $293 Billion, it is the alternative coins that seem to be suffering from the dominance of Bitcoin.

Looking at the cryptomarkets, Ethereum (ETH) is yet to break the $500 mark and is currently trading at $470 and only up 1.11% compared to Bitcoins 3.79% in the last 24 hours. XRP is currently $0.45 and down 0.84% in the last 24 hours.

The losses of XRP are not unique to the remittance coin. Other coins that have shown a decrease in value are as follows and at the moment of writing this:

  • EOS –  down 1.53% in the last 24 hours and trading at $8.09
  • Stellar (XLM)  – down 0.08% in the last 24 hours and trading at $0.29
  • Cardano (ADA) – down 0.73% and currently trading at $0.168
  • IOTA – down 2.84% in the last 24 hours and currently trading at $0.96
  • Tron (TRX) – down 1.22% in the last 24 hours and currently trading at $0.035

The only logical conclusion is that investors, who include regular crypto-traders, have transferred their funds from their favorite alt-coins to BTC for the King of Crypto is showing signs of sprinting to the finish line at a value higher than last year’s peak of $20,000.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.