The cryptocurrency market experienced a dramatic weekend of trading on May 13, 2019, with Bitcoin surging to multi-month highs while major altcoins struggled to maintain momentum after impressive weekend gains. The market action underscored a growing trend of Bitcoin dominance that was reshaping the crypto landscape.
TL;DR
- Bitcoin dominance surged to 60.15%, the highest level in months
- Ethereum briefly broke above $200 for the first time since November 2018 before pulling back
- Bitcoin Cash rallied 30% to $380, Litecoin touched $90, but most altcoins gave back gains
- Binance Coin (BNB) led all top cryptocurrencies with a 218% year-to-date gain
- Analysts at Delphi Digital called it the strongest six-week BTC rally since before the 2017 bull run
Bitcoin Leads the Charge, Altcoins Follow Reluctantly
The weekend of May 11-12 saw Bitcoin Core (BTC) execute a stunning 20% rally over 48 hours, briefly touching the $7,500 mark on Sunday morning. However, an expected correction followed, with BTC dropping 7% to below $6,800 before recovering to the $7,050 level by Monday morning. Despite the pullback, the broader trend remained decisively bullish.
According to boutique analytics firm Delphi Digital, this represented the strongest price rally over a six-week period since just before the famous 2017 bull run. The firm noted that Bitcoin had officially recovered all of its losses from November 2018’s brutal market selloff, when the price of BTC fell more than 50% in a matter of weeks.
Ethereum Reclaims Key Psychological Level
Ethereum, the second-largest cryptocurrency by market capitalization, also posted impressive gains. ETH climbed above $200 on Sunday morning — a level not seen since November 2018. However, by Monday, the altcoin leader had pulled back to around $190, representing a roughly 4% decline from its weekend peak.
Technical analysis from CryptoSlate revealed that Ethereum had appreciated more than 150% since its December 14, 2018 low of $80, following a precipitous drop from an all-time high of $1,400 in January 2018. Two contrasting patterns were forming on ETH’s weekly chart: an ascending triangle suggesting potential continuation of the bullish trend, and a rising wedge indicating possible bearish reversal ahead.
Major Altcoins Show Mixed Performance
Bitcoin Cash (BCHABC) delivered one of the most impressive performances among major altcoins, surging 30% to reach $380 on Sunday before declining to approximately $360 on Monday. Litecoin (LTC) also enjoyed a strong weekend, touching $90 before falling back to around $86, representing a 5% pullback.
Not all altcoins shared in the rally, however. Bitcoin SV (BSV) managed only a modest 8% gain, trading around $58. Ripple (XRP) remained relatively flat throughout the weekend, though it did manage to regain the $0.32 level. Stellar (XLM) dropped approximately 4% to the $0.10 level, while NEO declined 5% to $9.46. On the positive side, IOTA gained 6% to just above $0.31, and DASH rose 8% to approximately $130.
The BNB and Litecoin Standout Story
While much of the altcoin market struggled to keep pace with Bitcoin’s rally, two tokens stood out as exceptional performers year-to-date. Binance Coin (BNB) had surged more than 218% in 2019, making it the top-performing major cryptocurrency. Litecoin (LTC) was not far behind with a year-to-date gain exceeding 153%.
Conversely, the worst-performing top cryptocurrencies in 2019 were Bitcoin Satoshi Vision (BSV), followed by NEM, Stellar (XLM), and IOTA — all of which remained in negative territory year-to-date despite the broader market recovery.
Large Caps Outperform Mid and Small Caps
Data from the MVIS CryptoCompare Digital Asset 100 Index showed that cryptocurrencies with large market capitalizations like Bitcoin and Ethereum considerably outperformed mid and small-cap digital assets. This divergence suggested that institutional capital was flowing primarily into established names rather than speculative smaller projects.
Delphi Digital noted that most of the cryptocurrency market’s increased value could be attributed to Bitcoin’s 65% price surge, which began at the start of April. “There are a few other notable names that have outperformed the broader market (BCH, ETH) over the same period, but Bitcoin has been one of the top large cap performers in Q2,” the firm stated.
Why This Matters
The May 13 market action highlighted a critical phase in the crypto cycle. With Bitcoin dominance exceeding 60% and major altcoins struggling to keep pace, the market was sending a clear signal about capital concentration. The rally, driven partly by macro factors including escalating US-China trade tensions, demonstrated Bitcoin’s growing role as a perceived safe-haven asset. For altcoin investors, the divergence between top performers like BNB and laggards like BSV and XLM underscored the importance of fundamental analysis over broad market momentum. The technical patterns forming on Ethereum’s weekly chart also suggested that a major directional move was imminent, one that could set the tone for the altcoin market for months to come.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making investment decisions.
60% BTC dominance and people still telling me altseason is coming. been hearing that since march lol
Delphi calling it the strongest rally since pre-2017 is the kind of anchor that makes people FOMO in at the top. Seen this movie before.
ETH above $200 for the first time since November 2018 and immediately pulls back. Classic. The psychological resistance is real.
BNB up 218% ytd and nobody talks about it. too busy watching btc pump and dump in 48 hours