Cryptocurrency market update: Bitcoin Races to new 2019 highs past $12k; Ethereum and Ripple unbothered

Bitcoin raced to new 2019 highs bared three days since it broke the barrier at $10,000. While most of the major cryptocurrencies are in the green, some of the top twenty digital assets are still in the red, some of them include NEO, Litecoin, Dash and Monero which are down 0.38%, 1.42%,0.74% and 5.8% in that order.

The largest cryptocurrency has once again proved to the investors that it has finally entered a bull rally by zooming above $12,000. BTC/USD rose to new yearly highs around $12,943.16 although it had hit a low around $11,671.45 on Wednesday. At press time, Bitcoin is trading at $12,490 after rising 6.27% on the day.

Bitcoin’s parabolic rise towards $13,000 has taken the market by storm impacting greatly on the market composition. Bitcoin dominance on the market short up to 61.9%; highs it has not reached in the last couple years.

The surge in Bitcoin price is detrimental to the altcoins, which still lag behind the ‘king’ of cryptocurrencies. Bitcoin market capitalization increased to $226 billion while the total market cap is at $365 billion.

Bitcoin is the best performing among the top twenty. Ethereum has been able to recover from the retracement seen yesterday. While a new high has been formed at $337, ETH/USD has corrected under $330.

Ripple, on the other hand, has ignored the current Bitcoin surge. The asset has not been able to step above $0.5 instead forming a high at $0.4803. While exchanging hands 0.46, XRP is up 0.63% on the day. A break past $0.5 will pave the way for more correction towards $0.7.