Altcoin Stay Behind, and BTC Remains High, Bitcoin Reaches the Price of $17k

November

30

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Last week, the price of Bitcoin reached another ATH (all-time high) in 2020 by surpassing the price of $17k. In the last few months, the Bitcoin remained dominant, and this week, it hovers at a maximum percentage of 65%. On comparing this price with that of Altcoins, they did not do well. The price at this time is similar to that of Bitcoin used to be three years before.

In December 2017, the price of BTC per coin reached to $19.6k of ATH. The index of Bitcoin Dominance has a slight difference from that of now. At that time, many altcoins have gained significant value. Bitcoin Dominance is the recorded data of market valuation in capitalization pairing with 7000+ other Altcoin market in current time.

In December, an increase was seen in the altcoin value, which was maintained during the next year. By the start of 2018, the Bitcoin Dominance index reaches 32% of ATH.

Today, with BTC continuing a 65% dominance index, the dominance of cryptocurrency asset dominance raised 103% since mid of January 2018.

In last week, at the time of publication, BTC’s price is hovering merely up the $17k zone, and the crypto asset’s market top range is about $315 billion. Historical price charts explain that three years ago, when BTC was rated at $17k or more, altcoins were at a better position than they are now.

The drift has provided traders and critics with the idea that the vile ‘altcoin season’ has not begun, and some consider it will nevermore. For example, history exhibits in December 2017, Eethereum (ETH) was trading for $719 per unit. Now, though the ETH has increased 256% in 2020, the crypto asset was still below 34% from that price range three years ago.

ETH also reached an ATH of $1,431. The crypto asset, however, requires to achieve more than 67% to grow to that level once again. Another historical data from that particular day in December shows that XRP was swapping for $0.72. It is still down 58% from that point.

One more exciting addition through the last three years is whereby tether (USDT) has increased massively since 17 December 2017. On that day, USDT the infamous Stablecoin was, of course, trading for a dollar, but in cycles of market cap, the Stablecoin lay in the 24th market cap point.

By today, tether (USDT) is the third leading blockchain in the perspective of market appraisal with $17.9 billion. It indicates that tether’s market cap has grown a vast 1,527% since December 2017.

If any market cap in 2020 is holding bitcoin (BTC) from catching a percentage of significantly higher dominance, it is tether’s valuation. Interestingly, litecoin (LTC) was also hovering in the fifth leading market cap level in December 2017.

Moreover, LTC was trading for $318 per coin, and it used to be still down 77% from that level. LTC must achieve over 80% to reach the $375 ATH it got years ago. Bitcoin cash (BCH) also held the third leading currency in 2017. At that time, it was swapping for $1,862 per unit.

About the author, Awi Khan

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