Altcoins have risen to its three-year dominance high after tagging a record combined capitalization of nearly $1.5 trillion last week.
It has been reported that Bitcoin hit a market dominance low of 33% in January 2018 when it was cooling from its previous peak, while the altcoins were just hitting theirs.
However, it is currently not far off its second-lowest level of 36% of three years ago in May 2018.
The report said that Ether (ETH) has recently seen its dominance surge, with Ether’s capitalization creeping up to around half of Bitcoin’s to represent a crypto market dominance over 19%. Ether also represents 32% of the combined altcoin market cap.
It has been analyzed that Binance Coin (BNB) ranks third, representing 4% of total crypto capitalization, followed by Cardano (ADA) with 3.3% and Dogecoin (DOGE) with 3%.
By contrast, Binance Coin exerts a 6.7% dominance over the altcoins markets, with Cardano’s dominance coming in at 5.5% and Dogecoin representing 5%.
Altcoins represent 60% of the combined crypto capitalization for the first time since June 2018. https://t.co/PNjtn6EF7k — Cointelegraph (@Cointelegraph) May 17, 2021
Likewise, Elon Musk may have deepened Bitcoin’s loss of dominance by hinting that Tesla may be offloading its BTC holdings in a tweet on Monday by triggering a 15% crash over 18 hours as of May 17.
While Bitcoin is now down from its April 14 all-time high, several altcoins have seen weaker pullbacks, with Ether down 24% from its Wednesday peak of $4,350.
Thus, some markets are rallying in spite of the bearish meta-trend, with Cardano rallying to tag all-time highs of $2.45 on Sunday.
Source: Cointelegraph
Comments