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 has officially recovered all of its losses from November 2018’s monstrous market dumping, when the price of BTC fell more than 50 percent in a matter of weeks.
Bitcoin 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.
“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.
The 💜 of EU tech
The latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!
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.
Even 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.
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.
Get the TNW newsletter
Get the most important tech news in your inbox each week.