Bitcoin‘s most-recent pump to $7,000 was the strongest price rally over a six-week period since just before the famous 2017 bull-run, reports boutique analytics firm Delphi Digital.
It also means Bitcoin $BTC▲15.84% has officially recovered all of its losses from November 2018’s monstrous market dumping, when the price of BTCfell more than 50 percent in a matter of weeks.
Data courtesy of Delphi Digital
In recent commentary, which has been shared with Hard Fork, Delphi Digital noted that the wider market has failed to keep up with Bitcoin‘s recent pace.As it turns out, most of the cryptocurrency market‘s increased value can be attributed to Bitcoin‘s 65-percent price surge, which began at the start of April.
Data courtesy of Delphi Digital“There are a few other notable names that have outperformed the broader market (BCH, ETH) over the same period, but Bitcoin has been one of the top large cap performers in Q2,” said Delphi Digital.
According to the MVIS CryptoCompare Digital Asset 100 Index, cryptocurrencies with large market capitalizations (caps) like Bitcoin and Ethereum have outperformed mid and small-cap digital assets considerably.
Data courtesy of Delphi DigitalEven so, Delphi Digital’s data shows that Bitcoin is far from the best-performing cryptocurrency asset year-to-date.In fact, the price of Binance Coin (BNB) has increased more than 218 percent in 2019, while Litecoin (LTC) has jumped more than 153 percent.
As of May 10, the worst performing ‘top’ cryptocurrency in 2019 was Bitcoin Satoshi Vision (BSV), followed by NEM, XLM, and IOTA.
Data courtesy of Delphi Digital
Delphi Digital ultimately does not expect BTC to go similarly parabolic like it did in late 2017, despite its remarkable resurgence.
“The road to new highs is likely to be littered with short-term run ups followed by substantial, yet healthy, pullbacks. We may be in the presence of one as we speak,” said the firm.
It also means Bitcoin $BTC▲15.84% has officially recovered all of its losses from November 2018’s monstrous market dumping, when the price of BTCfell more than 50 percent in a matter of weeks.
Data courtesy of Delphi DigitalBitcoin is dominating the cryptocurrency market
In recent commentary, which has been shared with Hard Fork, Delphi Digital noted that the wider market has failed to keep up with Bitcoin‘s recent pace.As it turns out, most of the cryptocurrency market‘s increased value can be attributed to Bitcoin‘s 65-percent price surge, which began at the start of April.
Data courtesy of Delphi Digital“There are a few other notable names that have outperformed the broader market (BCH, ETH) over the same period, but Bitcoin has been one of the top large cap performers in Q2,” said Delphi Digital.
Large cap crypto assets outperform mid, small caps
According to the MVIS CryptoCompare Digital Asset 100 Index, cryptocurrencies with large market capitalizations (caps) like Bitcoin and Ethereum have outperformed mid and small-cap digital assets considerably.
Data courtesy of Delphi DigitalEven so, Delphi Digital’s data shows that Bitcoin is far from the best-performing cryptocurrency asset year-to-date.In fact, the price of Binance Coin (BNB) has increased more than 218 percent in 2019, while Litecoin (LTC) has jumped more than 153 percent.
As of May 10, the worst performing ‘top’ cryptocurrency in 2019 was Bitcoin Satoshi Vision (BSV), followed by NEM, XLM, and IOTA.
Data courtesy of Delphi Digital
Delphi Digital ultimately does not expect BTC to go similarly parabolic like it did in late 2017, despite its remarkable resurgence.
“The road to new highs is likely to be littered with short-term run ups followed by substantial, yet healthy, pullbacks. We may be in the presence of one as we speak,” said the firm.
-
- 1
Francisco Gimeno - BC Analyst BTC's new high prices are already producing a myriad of opinions on everything related to it. New and impatient investors are getting FOMO. Nobody is saying yet this is a bullish market, but everybody is waiting for it. However, we believe we will see a lot before this is true. Time will say.