Bitcoin Dominance tumbles While Altcoin Dominance Hits Top Levels.

Bitcoin Dominance tumbles While Altcoin Dominance Hits Top Levels.

2021-05-17 | Eddy Morgan

Bitcoin Dominance tumbles While Altcoin Dominance Hits Top Levels.

While Bitcoin tumbles in response to Elon Musk’s Twitter account once more, altcoin dominance has surged to its top-level in solely 3 years. At the time of reporting, Bitcoin [BTC] represents 40.3% of the combined crypto capitalization - the bottom it's been since June 2018, consistent with CoinMarketCap. Bitcoin hit a market dominance low of 33% earlier in January 2018 when it had been cooling from its earlier peak, while the altcoins were just hitting theirs. it's presently shortly off its second-lowest level of 36% of three years ago in May 2018. The combined cap of altcoins is presently resided at $1.25 trillion after establishing all-time highs of just about $1.5 trillion last week. Ethereum [ETH] has recently seen its dominance surge, with Ether’s cap creeping up to roughly half Bitcoin’s to represent a crypto market dominance over 19%. Ethereum also represents 32% of the combined altcoin market cap. Binance Coin [BNB] ranks third, representing 4% of the total cryptocurrency cap, followed by Cardano [ADA] with 3.3% and Dogecoin [DOGE] with 3%. Against this, Binance Coin exerts a 6.7% dominance over the altcoins markets, with Cardano’s dominance coming in at 5.5% and Dogecoin representing 5%. Elon Musk may have deepened Bitcoin’s loss of dominance by hinting that Tesla might also be offloading its BTC holdings within an official tweet earlier today on Monday, triggering a 15% crash over 18 hours. While Bitcoin is now down 35% from its 14th April all-time high, several altcoins have seen weaker pullbacks, with Ethereum presently down 24% from its Wednesday peak of $4,350 USD. Some markets are rallying in spite of the bearish meta-trend, with Cardano rallying to tag all-time highs of $2.45 USD earlier on Sunday.

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