Bitcoin Dominance Plunges to 2-Month Low as ETH Eyes $1500 (Market Watch)

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ETH’s new all-time high and other impressive gains among the altcoins have pushed the total market capitalization to nearly $1 trillion.

Bitcoin’s dominance continues to decline as the cryptocurrency fails to breach above $34,000. At the same time, most alternative coins have outperformed BTC, including Ethereum, which marked a fresh all-time high earlier today.

Market Cap Nears $1T, As ETH Sees A New ATH

Most of the altcoin market is slightly in the green against the dollar. Ripple, Binance Coin, Cardano, and Polkadot have increased by approximately 1% in the past 24 hours.

Litecoin, Chainlink, and Bitcoin Cash have added nearly 4% of value, but Ethereum has outperformed all top ten coins.

The second-largest digital asset jumped by more than 8% and saw a new ATH of $1,475, as reported. Additionally, ETH’s rise against BTC has also reached a record as the trading pair ETH/BTC surged to 0.0425 – the highest level since mid-2018.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Nevertheless, Elrond is the most significant gainer from the top 100 coins after a 25% jump to almost $50. Several DeFi tokens follow. Those include Uniswap (21%), Aave (13%), Compound (13%), SushiSwap (12%), and more.

The developments with most alternative coins have pushed the total market capitalization to almost $1 trillion. This means an increase of about $150 billion since last Friday.

Crypto Market Cap. Source: CoinMarketCap
Crypto Market Cap. Source: CoinMarketCap

Bitcoin Fails At $34K, Dominance Reduced

While ETH headed for a new ATH, the primary cryptocurrency continues to struggle with breaching into higher ground.

Yesterday that the cryptocurrency failed to break above $34,000 and retraced sharply. The correction continued in the past 24 hours as BTC dipped to a low of just north of $31,000.

However, the bulls took charge in the following hours and spiked the asset price to $33,750 (on Bitstamp). Nevertheless, BTC couldn’t proceed further and has retraced slightly to about $33,000.

As such, the rising altcoins have reduced bitcoin’s dominance over the market even more. The metric comparing the market capitalization of BTC with all other coins have dropped beneath 63% – a 7% decline in a few weeks.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Source: cryptopotato.com

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