cryptopolitan.com
Bitcoin, the pioneering crypto, has long been the focal point of the digital asset market. However, recent market dynamics have seen a shift in attention towards alternative cryptocurrencies, notably Ethereum and Binance Coin. Despite Bitcoin’s decline of 2.8% in the past week, Ethereum and Binance Coin have surged in prominence.
Ethereum, with its versatile ecosystem and remarkable climb, and Binance Coin, which recently hit a new all-time-high, are now commanding attention. This shift signifies a broader trend in the cryptocurrency landscape, where investors and traders are diversifying their portfolios beyond Bitcoin.
Bitcoin’s market dominance threatened
This week witnessed a lot of action, but it didn’t result in any significant increases or losses in total crypto market capitalization. According to CoinGecko, the figure is $2.057 trillion, a modest increase from last week.
Bitcoin’s price has fallen 2.8% in the last seven days, as bulls were unable to keep it above the key technical mark of $52K. And it wasn’t for lack of effort. In fact, $BTC was trading above or near to $52K for much of the past week, but the bears eventually seized over and pushed the asset lower.
At the time of writing, Bitcoin ($BTC) is worth $50,869.16, down 0.2% from an hour ago and 1.1% from yesterday. The value of Bitcoin today is 2.2% lower than it was 7 days ago.
Ethereum ($ETH) is worth $2,934.45 today, down 0.3% from an hour ago and 1.5% from yesterday. The value of $ETH today is 5.1% greater than it was seven days ago.
According to Binance, the live price of $BNB is $374.85 per ($BNB / USD), with a current market capitalization of $56.06 billion USD. The 24-hour trading volume is $1.77 billion USD. $BNB has fallen -1.67% in the previous 24 hours, with a circulating supply of 149.54 million.
The global crypto market cap is $2.05 trillion today, down 0.93% in the last 24 hours and 79.69% a year ago. As of today, Bitcoin’s market cap is $1 trillion, signifying a 48.77% dominance. Meanwhile, stablecoins’ market cap is $141 billion, accounting for 6.85% of the total crypto market cap.
Crypto market perfomance
In other news, Solana is nearly 10% lower for the week and is struggling to maintain its price above $100. Likewise, XRP from Ripple was unable to sustain the favorable momentum and fell 6%. Avalanche is nearly 12% lower. Notably, the organization encountered significant network disruptions on Friday.
Additionally, Uniswap ($UNI) underwent a tremendous surge on Friday, expanding by an astounding 50% in mere minutes. This follows a proposal to enhance governance in which $UNI token holders who stake or delegate are rewarded with fees generated by the protocol.
In general, the market maintains its upward trend, albeit with a slight deceleration. Continual inflows into Bitcoin ETFs demonstrate substantial institutional demand.
In the span of a few weeks, Bitcoin miners have transferred over 700,000 $BTC to over-the-counter (OTC) trading platforms, suggesting that they intend to sell a portion of the cryptocurrency on the open market.
Vitalik Buterin, one of the co-founders of Ethereum, has been an advocate for the advancement of layer-one blockchain functionality. Furthermore, he conveyed doubt concerning the prevalent belief that the simplicity of L1s should take precedence over L2s.