Bitcoin Breaks $200 Billion Market Cap For the First Time in 17 Months
Bitcoin is on track for reversing its 2018 bear market metrics as its price continues to gain above $11,000.
Bitcoin (BTC) set a new 15-month record high price on June 25 as the largest cryptocurrency continues its giant three-month bull run.
Market visualization courtesy of Coin360
Data from Coin360 puts bitcoin firmly in the driving seat on cryptocurrency markets, 24-hour gains topping as much as 6% to take BTC/USD over $11,350.
The last time the pair traded at those levels was in the first week of March 2018, before a protracted bear market set in, which took bitcoin to lows of $3130.
The latest surge continues the surprising upward trend which set in on April 1, bitcoin shaking off negative news and other pressure to completely reverse most of its 2018 losses.
Resistance as $10,000, which analysts said would be a significant hurdle to overcome, disappeared late last week, followed by $11,000 less than 24 hours later.
In a further milestone, bitcoin’s market cap now sits at over $200 billion, a figure not seen since earlier last year. Overall market dominance has now reached 60% - a record since 2017.
Bitcoin 7-day price chart. Source: Coin360
“(Bitcoin) doesn't care about altcoin bags,” online cryptocurrency trader and investor Josh Rager commented on Twitter Monday.
“Bitcoin Dominance continues to look bullish and as long as BTC continues to push up, no alt-season at this moment.”
Altcoins have indeed produced comparatively lackluster performance as attention focuses on bitcoin’s return to form.
Ethereum (ETH), the second-largest cryptocurrency by market cap, inched higher to hit $313 Tuesday, one of the best performers in a broadly flat market.
Ether 7-day price chart. Source: Coin360
Bucking the trend is binance coin (BNB), which came off its own all-time highs near $40 to trade closer to $36 per coin at press time.