Altcoin Season 2021 Booming as Bitcoin Dominance at 1-Year Low (Market Watch)
After dipping below $57,000, bitcoin initiated another leg up but failed to challenge the coveted $60,000 price line. In contrast, most alternative coins have surged in value, including a new ATH for Binance Coin and a massive increase for XRP, which has further decreased BTC’s dominance over the market, which is currently at a one-year low.
Altcoins in Green; BNB Eyes $400
As reported yesterday, most larger-cap alternative coins were somewhat stagnant, except for XRP. Ripple’s native cryptocurrency had a substantial double-digit gain, and the asset has only doubled down on its increase in the past 24 hours.
Another impressive surge of 27% has taken XRP to a yearly high of over $0.90 reached minutes ago. It’s worth noting that this is XRP’s highest level since mid-2018.
Another notable gainer from the past 24 hours is Binance Coin. BNB has surged by 12% and marked a new all-time high well above $380. Ethereum (5%), Polkadot (5%), Cardano (3%), Uniswap (4%), Litecoin (10%), and Chainlink (6%) are also in the green.
Further gains are evident from Stacks (103%), Bitcoin Gold (35%), Fantom (25%), Neo (19%), Tezos (19%), Ontology (17%), Ethereum Classic (16%), Avalanche (15%), Qtum (12%), Huobi Token (12%), and more.
Ultimately, the cumulative market capitalization of all cryptocurrency assets also registered a new record yesterday by breaking above $2 trillion for the first time.
Bitcoin’s Dominance Keeps Suffering
The primary cryptocurrency is also ahead on a 24-hour scale price-wise. Bitcoin dropped to below $57,000 yesterday but has also initiated a notable leg up.
In the following hours, BTC added roughly $3,000 of value. This resulted in reaching an intraday high of approximately $59,500 (on Bitstamp).
However, the asset couldn’t proceed any higher. The bears took control and pushed it down by several hundred dollars, and BTC currently stands around $59,000.
Bitcoin’s inability to break above $60,000 and head into uncharted waters continues to cost it some of its market dominance. The metric comparing BTC’s market capitalization with all other cryptocurrencies has dropped below 55%, according to CoinMarketCap. Just a few weeks ago, bitcoin’s dominance was above 62%.
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