BTC’s Dominance Drops as ETH Reclaim $3.5K

Bitcoin witnesses its market dominance declining by 1% in one day as BTC dropped under $47,000. The previous 24 hours have seen ETH, UNI, and DOT registering impressive gains.

Bitcoin extends its recent struggles in the past day as the coin dipped to a 5-day low near $46,500. On the other hand, some altcoins have seen their values increasing. Ethereum managed to trade on a three-month high at $3,500.

DOT Up 10%; ETH above $3,500

For now, most alternative coins have outperformed BTC over the last few weeks. For instance, ETH has added over $300 after dropping under $3,200 at the start of the week, Monday. Such actions had the leading altcoin crossing the $3.5K mark after struggling since mid-May.

Ripple imitated ETH as far as percentage gains are concerned. XRP’s gains since yesterday had it tagging $1.2 some hours ago. Meanwhile, Uniswap and Polkadot saw their value increasing by up to 10% since yesterday. Dogecoin and Binance Coin also joined the green as Cardano, a recent top gainer, stalls near $2.8.

On the other hand, Solana retraced by almost 8% over the past day after registering consecutive ATHs to hover at $110. Meanwhile, Revain led the day’s pack with surges, increasing by 22%. Kusama went to multi-month highs beyond $400 as it awaits its other parachain auctions today.

Other alternative coins that saw double-digit gains are Arweave, Aave, Elrond, and OKB. However, the overall market cap remains under $2.1 trillion regardless of the upticks in coins’ prices.

BTC’s Dominance Suffer

As some altcoins see northward movements over the past few sessions, the leader, BTC, has suffered. The dominant crypto failed to hold above $49,000 over the weekend after the network saw increased bearish activities.

The following few days had BTC dropping under $47K. However, the crypto gained some grounds, pumping towards $49K before the southward moves in the last 24 hours. That forced the token to $46,500, a multi-day low in the past few hours (Bitstamp data). For now, BTC has gained nearly $1,000 to trade above $47K.

The downswings saw BTC dominance declining significantly as its market cap stands near $900 billion. The metric has lost 3% to 42%.

You can leave your reply below.

Michael Ellis

Author: Michael Ellis

Michael is an avid cryptocurrency enthusiast and writer. He is the main writer for Cryptocoin Stock Exchange.

Leave a Reply

Your email address will not be published. Required fields are marked *