Recently, the Bitcoin Dominance Index has been rising, confirming the dominant perch of the cryptocurrency. After bitcoin, the largest cryptocurrencies are Ethereum, Ripple, Bitcoin Cash and Litecoin.
There is significant room for growth in the cryptocurrency universe. Recent data suggest a small amount of American investors own any digital currencies and, after bitcoin, the numbers of crypto ownership dwindle.
Some bitcoin bulls believe the cryptocurrency can return to $20,000 or even move to $25,000 as soon as later this year.
“BTC tends to perform well in May, thus an upside breakout of the narrowing price range is more likely and could yield a quick move higher to $10,000,” according to CoinDesk. “On the other hand, a downside break would open the doors to $8,490 (38.2 percent Fibonacci retracement of the rally from $6,425 to $9,767.4).”
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