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It appears that Bitcoin has entered a state of parabolic price increase, charting massive green candles throughout the past 24 hours.
The price is up around 560% since the lows that we saw in March during the COVID-induced market crash, and, at this point, it appears that only the sky is the limit.
Bitcoin’s Following 20% Daily Surge
Bitcoin is enjoying a wild ride over the past two days. The cryptocurrency is up more than 20% in a little over 24 hours and has almost touched $24,000 on Bitstamp, where the price got stopped at around $23,777.
At the time of this writing, BTC retraced and is currently changing hands at around $22,500, perhaps preparing for yet another leg up. Although the rally has been quite extensive, and it might also be time for a healthy correction or consolidation.
It’s also interesting to note that bitcoin’s price has increased by around 560% since the lows touched in March this year. Back then, the cryptocurrency dropped below $4,000 as the global markets also crashed, suppressed by the global COVID19 pandemic.
Bitcoin’s Crushing Dominance
As CryptoPotato reported earlier today, Bitcoin’s dominance is also on the rise. At the time of this writing, it’s sitting above the 66% mark, meaning that the latest rally has been a run against altcoins.
Bitcoin’s dominance is an index that shows the relative share of BTC compared to that of the entire cryptocurrency market. When it’s on the rise, this means altcoins are suffering, and vice-versa.
While a lot of cryptocurrencies have increased in their dollar-value, the overall altcoin market share has decreased. The best-case scenario for altcoin traders would be for Bitcoin to now calm down and consolidate, making way for the so-called altcoin season. This is a time where BTC remains relatively stable, and altcoins start popping in their USD and BTC value.