• Fri. Dec 8th, 2023

Bitcoin (BTC) Dominance Hits 7-Month Low Amid Altcoins Rally

Apr 5, 2021

The market share of alternative coins surges while the dominance of Bitcoin falls. Last week, a BTC market crash resulted in a price cut of 10% in BTC over a single day. After going through the thick and thin, this week has been good to the Bitcoin market. The overall crypto asset market is going through a green line period, and the price of Bitcoin is rather much better than last week. Nonetheless, the market share and the dominance of Bitcoin over the crypto world have gone down to its lowest in seven months.

Bitcoin Update Compared to Last Week

The price of Bitcoin is now more or less equal to what it was before the massive price cut it went through. Although the value of BTC is now priced at around $59.6k, it still has not been able to capture back its last all-time high price of $61.6k, which was attained by BTC three weeks ago for a brief period of time.

After considering all the factors and analyzing the price and market of BTC, the market share of Bitcoin is now at the lowest point it has been in the past seven months. At the beginning of the new year, the market share of Bitcoin in the crypto world was recorded at a whopping 72%. But unfortunately, the volatile nature and price of Bitcoin have resulted in many investors switching to alternative coins and eventually driving down the market share of Bitcoin to a low level of 58.47%, a market share drop of almost 13.5% in just a matter of seven months.

All of this news brings us to one conclusion that BTC is no longer the center of attention in the crypto world. Take a look at ETH, for example. It is the cryptocurrency with the 2nd largest market cap. ETH has finally managed to go past the price of $2k and record its newest all-time high price.

The most astonishing gains overnight in the top 20 crypto assets by market cap were made by XRP (over 20%), Polkadot (20%), Chainlink (6%), Uniswap (8%), and BitTorrent (30%). This indicates that altcoins are having the best time in the market.

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