$30 bln Bitcoin Market Cap May Preclude A $2,000 Bitcoin Price Bullrun

Bitcoin’s market cap has surpassed the landmark $30 bln while its overall market dominance slips lower than ever.

Recent price growth has resulted in a historic high for Bitcoin’s value metrics, with the currency just $150 off $2,000 as of press time Thursday.

Altcoin fever still abounds, however, with huge strengthening for Ethereum and several others in the top ten pushing Bitcoin’s control of the market to its lowest levels yet seen.

“Cointelegraph previously reported on the gradual slide of Bitcoin’s market cap dominance, which began the year at 87 percent before sliding to 70 percent, 65 percent and now just 56.7 percent.”

Given the ability of SegWit activation to increase a coin’s value, the failure of the Bitcoin community to reach a consensus regarding its introduction will likely see further downward pressure on its market cap.

The market “wants SegWit,” Blockstream’s Samson Mow announced on Twitter earlier Thursday, the day after Litecoin’s activation.

The market wants #SegWit. Not a hard-fork. Not extension blocks. Not JavaScript mining. Let’s give them what they want already. #Bitcoin — Samson Mow (@Excellion) May 11, 2017

Bitcoin at $2,000 meanwhile has become an unlikely reality. Previous minor corrections accompanying $1,600 and $1,800 levels were both short-lived; concerns a larger correction to $1,000 have also yet to be borne out.

All eyes are now on price behavior closer to $2,000, which would represent a doubling in Bitcoin’s price since mid-March.