Bitcoin (BTC) rapidly climbed from the $11,400 level on Monday, easily going above the $12,000 mark. BTC traded at $12,667.01 as of 7:30 UTC on Tuesday, building on the previous day’s high above $12,345.
The rally, happening on volumes above $26 billion’s equivalent, once again boosted the dominance of BTC over altcoins. BTC now takes up 64% of the entire market capitalization for all digital assets, with the most bullish predictions seeing BTC suck up as much as 90% of the value. The climb in BTC pressured altcoins, which have depreciated in Satoshi terms by as much as 30% in the past months.
The BTC market price is still capable of a deep correction. However, the climb above $12,000 showed that the bullish case is still around: