This Tuesday (05) Bitcoin (BTC) surpassed the level of US$ 50,000 for the first time in a month. Furthermore, cryptocurrency still had an advantage yesterday when Facebook went offline for a few hours.
Altcoins followed the movement north of Bitcoin, but failed to diminish its dominance, which has now jumped to 41.5% according to CoinGoLive.
Bitcoin (BTC) has surpassed the US$ 50,000 level
A lot has happened after Bitcoin hit $41,000 on the last day of September. The beginning of October was fueled by good news that boosted bulls, as right after the Fed announced it would not ban cryptocurrencies in the US, cryptocurrency jumped 12% in an instant.
Bitcoin is currently trading at US$50,583 – R$272,804 in major Brazilian brokers, after having risen nearly 6% in 24 hours, according to CoinGoLive.
Meanwhile, Facebook, which went offline for a few hours yesterday, has lost its place in the market capitalization ranking for cryptocurrency. In terms of market capitalization, Bitcoin trumps Facebook, as in total it accumulates approximately 950 billion dollars on its nearly foolproof network.
To further help this uptrend Bitcoin is signaling, long-term investors, the diamond hands, continue to accumulate satoshis in their portfolios and put pressure on the increasingly scarce currency supply.
According to Glassnode’s on-chain analysis, Long Term Holders (LTH) have added $2.35 million in BTC to their stacks since the stock ran out in March. In the same period, only 180,000 Bitcoin had been mined.
This means that LTHs have accumulated 13 times more coins than those produced through new issues in the last 7 months.
Read too: Diamond Hands: Holders Hold 80% of Bitcoin Supply
As such, Bitcoin’s market capitalization grows along with its dominance over altcoins.
Altcoins follow movement to the north
This morning, altcoins followed the movement north of Bitcoin.
The result of the main altcoins in the last 24 hours is as follows: Ethereum (+3.13%), Cardano (+2.81%), Binance Coin (+3.80%), Solana (+0.76%), Ripple (+3.38%), Polkadot (+3.51%), Dogecoin (+10.45%), Terra (+0.95%), Avax (-0.59%), Uniswap (+1, 01%) and Algorand (-0.89%).
The cumulative market capitalization of all cryptocurrencies has jumped to $2.2 trillion since yesterday.
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