Bitcoin’s dominance continues to decline as the cryptocurrency fails to breach above $34,000. At the same time, most alternative coins have outperformed BTC, including Ethereum, which marked a fresh all-time high earlier today.
Market Cap Nears $1T, As ETH Sees A New ATH
Most of the altcoin market is slightly in the green against the dollar. Ripple, Binance Coin, Cardano, and Polkadot have increased by approximately 1% in the past 24 hours.
Litecoin, Chainlink, and Bitcoin Cash have added nearly 4% of value, but Ethereum has outperformed all top ten coins.
The second-largest digital asset jumped by more than 8% and saw a new ATH of $1,475, as reported. Additionally, ETH’s rise against BTC has also reached a record as the trading pair ETH/BTC surged to 0.0425 – the highest level since mid-2018.
Nevertheless, Elrond is the most significant gainer from the top 100 coins after a 25% jump to almost $50. Several DeFi tokens follow. Those include Uniswap (21%), Aave (13%), Compound (13%), SushiSwap (12%), and more.
The developments with most alternative coins have pushed the total market capitalization to almost $1 trillion. This means an increase of about $150 billion since last Friday.
Bitcoin Fails At $34K, Dominance Reduced
While ETH headed for a new ATH, the primary cryptocurrency continues to struggle with breaching into higher ground.
CryptoPotato reported yesterday that the cryptocurrency failed to break above $34,000 and retraced sharply. The correction continued in the past 24 hours as BTC dipped to a low of just north of $31,000.
However, the bulls took charge in the following hours and spiked the asset price to $33,750 (on Bitstamp). Nevertheless, BTC couldn’t proceed further and has retraced slightly to about $33,000.
As such, the rising altcoins have reduced bitcoin’s dominance over the market even more. The metric comparing the market capitalization of BTC with all other coins have dropped beneath 63% – a 7% decline in a few weeks.
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.