On November 17th, bitcoin reached another 2020 all-time high price, when the cryptocurrency went over $17,000. Bitcoin is getting stronger and presents around 65% of the cryptocurrency market by the time of writing this article. Even though BTC has been appreciating in value like crazy in the last few months, alternative cryptocurrencies had been struggling to keep up..
In 2017, bitcoin’s price has reached $19,600. At that moment price was pumped up by newbie investors who wanted to get rich quickly. Most of them were not even informed well what type of advantages Bitcoin and blockchain in general had. Right now smarter money and institutional investors are also pouring money into cryptocurrencies and analysts are saying that that there is a high chance that BTC will be passing the $19,600 all-time high price very soon.
The whole crypto asset’s market cap is around $497.90 billion at the time of writing this article. Bitcoin market cap is reaching $327.5 billion which gives means it represents around 65% of the whole crypto market. Based on the 65% market dominance of BTC we can easily see that investors think Bitcoin has the highest upside potential out of all the cryptos, However last time when Bitcoin reached this kind of Highs, other Cryptocurrencies followed as well, so we should be looking out for that as well.
Here is information regarding top 5 cryptocurrencies by market capitalization at the time of writing this article: