Bitcoin settles above $6,200, altcoins lag behind

  • Bitcoin is the best performing digital asset out pf top-20 with market dominance 58%.
  • Binance security breach leaves market unaffected.
  • US regulators want more money to get the industry under control.
  • Technical picture implies the correction out of an overbought territory.

BTC/USD smashed quite a number of resistance levels on its quest to new 2019 highs. The first digital asset outperformed the rest of the market, showing the best week-on-week results out of top-20. Bitcoin has gained over 10% in recent seven days while the majority of altcoins have been deep in red nursing losses from 2% to 22%. Ethereum and Ripple are exceptions here as both coins gained some ground on a weekly basis.

This divergence has brought Bitcoin dominance figure to the spotlight. Currently, it stands at 58%, which is the highest level since September 2017. It means that crypto trades sell their altcoins for Bitcoins, highlighting its safe haven feature.

What’s going on in the market

This week brought a lot of interesting news that might have a long-lasting effect on the cryptocurrency industry. Despite some nasty shocks, the market managed to gain positive momentum and hit the highest levels since November 2018.

The world’s largest cryptocurrency exchange by trading volumes Binance fell victim to hack attack. The criminals breached the security and stole over 7000 worth of $40.7 million along with user API keys, 2FA codes, and some other data. While the exchange claimed that the funds were stolen from the hot wallet and the amount does not exceed 2% of total assets. Also, Binance CEO Zhao reassured the market that all clients’ funds are safe. The exchange stopped accepting deposits and process withdraw requests until further notice.

The market absorbed the shock easily. After a short-lived draw down within a natural correction, Bitcoin and the majority of altcoins resumed growth and reached new maximums.

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