The current record update comes in the wake of new investments in Bitcoin by the public company MicroStrategy. The software developer announced an additional investment of $15 million in BTC. The company purchased 253 coins at a median price of $59,339. Bitcoin was trading around this level on Monday, April 5.
MicroStrategy now holds 91,579 BTC; the total cost of these coins was $2.226 billion, with an average cost of BTC at $24,311 (the company began investing in cryptocurrency last summer when Bitcoin had not yet entered its bullish rally). This was reported by the company's CEO, Michael Saylor.
Over the week, the first cryptocurrency has increased by 6%. However, it was altcoins, rather than digital gold, that drove the market capitalization growth. Ethereum saw a jump of over 25%, setting a new price record just the day before; Polkadot surged by 38.5%. Among the top 10, Binance Coin showed the best performance, rising by 40%. Yet even these achievements of leading crypto assets pale in comparison to the token of the Indian cryptocurrency exchange WazirX - the WRX token, which is among the top 100 altcoins, demonstrated an astounding growth of 863% over the seven-day period.
For the first time in many months, the dominance index of Bitcoin significantly decreased — its market share is now estimated at 54.4%. Currently, the cryptocurrency is locked in a price channel of $55,000 - $60,000. This consolidation of Bitcoin around this level has led to minimal BTC volatility since November of last year. Traditionally, a decrease in Bitcoin's volatility paves the way for altcoins to gain traction in a broader bullish trend within the digital asset market.
Analyst Rekt Capital highlights the consolidation of the leading cryptocurrency, which has facilitated Ethereum's breakthrough to a new price record. The second-largest cryptocurrency by market cap is now leading the market, while Bitcoin is left to chase after Ethereum in terms of growth rates. However, Bitcoin is not facing a downturn — its resistance line is too strong, the expert emphasizes.
