The cryptocurrency market had been peaking for its sixth consecutive month and continues to dominate the currency market with positive outlooks. It was revealed that Bitcoin had reached its highest value since September of 2019 despite it being outperformed by other altcoin competitors.
According to CNN, Bitcoin has enjoyed a broader digital asset market since Thursday this week allowing it to maintain its highest yield for six months in a row. It was said to have reached its highest total market cap since September of 2019.
The report claimed that top cryptocurrencies have been dominating the digital asset market and has garnered fresh gains while in circulation. Bitcoin alone peaked at 9.856.43 USD on Bitstamp and easily outperformed the broader financial market.
The other altcoin entities such as Ethereum also improved by five percent and are now valued at 212.33 USD. The developer's cryptocurrency was said to have improved by a significant 62 percent since the start of the year.
On the other hand, XRP was also reported to have improved by two percent and is now valued at 0.2800 US that amounted to about 46 percent improvement from its January 1 value.
Bitcoin cash also improved by 1.3 percent and is now valued at 436.55 USD. The said yield was twice its value since January 1 as well.
The other cryptocurrency players such as EOS, Binance Coin, Cardano, and Stellar were reported to have garnered steady gains since Thursday. Tron was labeled as the most improving by market cap whose value surged by 12 percent. It is now valued at 0.2233 USD.
The cryptocurrency market was said to have peaked collectively at 278 billion USD since August of 2019. Furthermore, it was revealed that the said market had been increasing at a steady rate of 87 billion USD for 2020 which is consistent with its significant improvements in 2019.
The report further discussed that Bitcoin and gold have had a positive correlation for the first weeks of 2020. Although Bitcoin was labeled as under-performing, gold generated a seven-year high in January and its value skyrocketed by 1,600 USD.
In other news, Forbes reported that Bitcoin failed to reach its key threshold despite the promising results of its value last Thursday. However, the 40 percent climb of the cryptocurrency was labeled as a positive outlook for the upcoming halving event this May.
According to an SFOX analyst, it is still unclear as to whether Bitcoin would pass as a safe haven investment. It was also revealed that institutional crypto offerings may generate uncertain institutional appetite and its impact in the block reward halving is still uncertain.
