Bitcoin Dominance tumbles While Altcoin Dominance Hits Top Levels.
2021-05-17 | Eddy Morgan
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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