On the face of it the activity in the past week may appear uneventful, with relatively little variation in the total market cap. The markets began the week at a low of around $420 billion, but for the most part fluctuated between the $440-460 billion mark. Given the events of past weeks, the market as a whole has been incredibly stable.
However, taking a closer look at the performance of individual coins reveals an entirely different picture. Bitcoin outperformed the vast majority of bluechip alt coins, up 16.55 % on the previous week. Whilst Ethereum experienced modest gains of 2.85 % and Ripple just 1.06%. Monero made significant gains of around 29.8% on last week, with investors and traders buying up ahead of the March 14th Monero V hard fork.
As a result of Bitcoins relative gains, the Bitcoin dominance figure has steadily climbed to a several month high of nearly 42%. In last weeks report, we noted bullish signals returning to the market following the lengthy correction. We believe the rising dominance figure is a sign we are now at the beginning of a new Bitcoin-alt cycle. If this is the case, we could see this figure rise to 50-60%, which may result in Bitcoins price rising to $13,750 – $16,500. Some technical analysis even suggests upward of $17,000 is possible.
