Bitcoin (BTC) Smashes Past $15,500 With Ethereum (ETH) Leading The Altcoins Party

06. Nov 2020 Posted by Akolkar B on News

Good old days of the crypto market rally are back again as Bitcoin (BTC) makes a swift rally hitting its new 2020-high above $15,500 levels. At press time, BTC is trading at a price of $15,521 with a market cap of $287 billion.

With the BTC price rally in the last two days, the world’s largest cryptocurrency has extended its year-to-date gains above 100%. Analysts have already started predicting the next big move that could possibly push Bitcoin above its all-time high of $20,000.

With this move, Bitcoin has also extended its market dominance to more than 65% of the overall cryptocurrency market cap. With the uncertainty in the global economy, Bitcoin has been the top hedging choice for global investors and institutional players.

Over the last few months, Bitcoin has attracted investments worth millions-of-dollars with big players like MicroStrategy, Square Inc, and PayPal entering the crypto market.

With its stellar performance, Bitcoin has outclassed every other asset class like Gold, Stocks, silver etc. The world’s largest cryptocurrency has seen major corrections so far in 2020. One was during the crypto market crash of March 2020 when the BTC price slipped to $4500 levels. The other was during the September month correction.

However, both these time, BTC managed to quickly recover as big investors made the most of the opportunity by doing bottom fishing. The BTC “accumulation addresses” have also reached a record high of 519,228. So far in 2020, the accumulation addresses have jumped 9% creating an upward pressure on the BTC price.

The total Bitcoins locked in these “accumulation addresses” has also jumped 20% to 2,818,447 BTC in 2020. On the other hand, the rally has also started in the altcoin market with Ethereum (ETH) leading the show.

Just like Bitcoin, ETH has also gained over 15% in the last 48 hours soon after the launch of Ethereum 2.0 deposit contracts. At press time, ETH is trading at a price of $441 with a market cap of $50 billion. In percentage returns, Ethereum (ETH) has outclassed Bitcoin (BTC) gains by 2X and gaining nearly 200% year-to-date.

Almost of the top-ten altcoins in the market have gained anywhere between 5-10% in the last 24 hours. At press time, Litecoin (LTC) is up 6.02%, Ripple (XRP) is up by 5.2%, Chainlink (LINK) is up by 5.62%, Polkadot (DOT) up by 6.23% and so on.

In the last 24-hours, the altcoin market cap has surged by $15 billion as the overall crypto market moves above $430 billion. Many analysts believe that Bitcoin cool-off can further trigger altcoin rally just similar to what we say in the December 2017 crypto market bull run.