In what has been a great month for Bitcoin and the entire market, prices surged once more on November 18 when Bitcoin reached 18,000 dollars. The last time Bitcoin had reached such a price was back in December of 2017, during the bull run that eventually had led to the record price of $20,000. Bitcoin's dominance in the cryptocurrency market is at very high levels, ranging at around 66% and its market cap is currently at almost 330 billion dollars.
At the same time, the cryptocurrency market cap reached 500 billion dollars, a number last seen in early February of 2018. The market had first reached $500B in December 2017, also aided by Bitcoin's bull run, and had even reached almost 830 billion dollars in January of 2018, its highest point yet. Also, at that time, Bitcoin had experienced its lowest point of dominance, at around 32%, which made sense because people had started capitalizing on Bitcoin's profits, selling it to buy altcoins, which had led to an altcoin season.
Bitcoin Close to Reaching Old 2017 Record - Is There an Altcoin Season Coming?
If history repeats itself, then Bitcoin is going to make another historic record, surpassing its old one, followed by a subsequent drop in price and people will start buying altcoins which will lead to a lot of altcoins rising. And it could also mean a new record on the cryptocurrency market cap, which in the past had been achieved after Bitcoin had already started falling. This time the market cap rise could be even bigger, possibly over one trillion, since the number of cryptocurrency coins and tokens has dramatically risen in the three years that have passed. One could argue that not all of these coins have value but that was also true three years back.
No one is a magician or an oracle of course but there is cause for optimism. Good news such as Paypal's adoption of cryptocurrencies has helped boost the prices. And the general uncertainty that currently exists in the world, while it's obviously bad for everyone, has urged people to look for alternative ways of making payments, ways that don't involve banks or governments. People are looking past the obvious choices and the choices that, while tried and tested, have always helped the rich and have never given a chance to anyone else.