Cryptocurrency gains this year have again out-performed gains from traditional assets like oil, equity, and gold. Moreover, the weekly gains during the last of a couple of weeks have been more than impressive; reviving memories of the 2011 and 2017 parabolic moves in Bitcoin. Nevertheless, Bitcoin and cryptocurrencies have become more sophisticated investment assets since then.
The market gains are primarily governed by the price of Bitcoin [BTC]. Nevertheless, the altcoins have been testing their support levels for long and an anticipation of an alt-season finally came to yield as most cryptocurrencies posted double-digit gains at the end of the week.
The gains on Bitcoin are usually spread larger than altcoins. Moreover, there are a plethora of altcoins, which can be manipulated far more easier and is affected far more greater than Bitcoin on a weekly scale.
Nevertheless, during the second week of May, Bitcoin was the best performing cryptocurrency during the week. The market dominance of Bitcoin near 60% and the total market capitalization of Bitcoin broke above $125 billion. Bitcoin has added more than $25 billion during the week to its total MCap.
BTC/USD 4-Hour Chart (TradingView)
Opening Price: $5717
Closing Price: $7182
The weekly gains: 25.62%
Weekly High/Low: $7464/$5564
Bitcoin Cash [BCH]:
The altcoin rise began late into the week as Bitcoin [BTC] crossed $7000. The rise in almost all top coins was almost vertical in the next few trading sessions. Bitcoin cash [BCH] crossed $350 level after the break-out towards the end of the week.