Bitcoin [BTC] dominance relative to altcoins has fallen to its lowest point since past 12 months, with the leading cryptocurrency representing 61% of the $359.5 Bln combined cryptocurrency cap.
Bitcoin’s dominance has slid from over 67% as of mid-May and is down from a native high of 69.9% in the month of Sep last year – the strongest moment for BTC dominance since the primary quarter of 2017.
Bitcoin Relative Decline In Dominance
Bitcoin’s relative decline in dominance comes as the collective cryptocurrency market capitalisation tests major resistance amid pushing into 12-month highs.
Additional $11 Bln in value would see the combined cryptocurrency cap break over $370 Bln for the primary time since May 2018.
Altcoin Trading Grows From 32% To 40%
Despite the strength of Bitcoin’s July rally into 5-figure prices, the month saw the combined cap of altcoins tag $140 Bln for the primary time in 24 months.
Binance’s July trading report also shows renewed strength within the altcoin markets, with altcoins growing from roughly 32% to represent 40% of volume on Binance Futures.
Binance attributed the strong performance of altcoins to the growing popularity of Ethereum-based decentralized finance [DeFi] protocols and Ethereum [ETH] accumulation in anticipation of ETH staking.
10 Largest DeFi Tokens Representing Market Cap Of $7 Bln
July saw the worth of assets locked in DeFi double from $2 Bln to $4 Bln.
In line with CoinMarketCap, top 10 largest DeFi tokens represent a market cap of roughly $7 Bln. The top 10 DeFi tokens all comprise top 50 cryptocurrency assets.