The dominance of Bitcoin over the cryptocurrency market has decreased by over 50%. On the other hand, other assets including Ethereum and Binance tokens have captivated the investors.
Analysts and traders are continuously trying to drive up the value of Ether as well as other cryptos. However, Bitcoin is still struggling to recover its previous all-time high at the $64,000 level they have managed to attain weeks ago.
Continuous Struggle Of Bitcoin
The Bitcoin price has been declining on 29th April, Thursday by hitting the low of $52,622 finally settling at the level of $52,964. Nonetheless, the price of BTC has changed significantly over the last 24 hours. The price of the leading cryptocurrency in the world saw a $3,000 change that ranged between $55,851 and $52,622.
Rich Rosenblum, GSR President, has stated that alternative cryptocurrencies are being preferred in this season. This might be one of the factors for the sudden loss of momentum for BTC during the start of this week.
BTC dominance was almost 49.5%, indicating a 73% drop as compared to the beginning of this year. Zachary Friedman, CEO of GDA Capital is sensing the BTC rally coming to a pause. He mentioned bull cycles leading BTC over other altcoins. The money from BTC usually gets redistributed towards other altcoins.
Recently the continuous dip of BTC is countered by Ether inching closer to new record highs on a daily basis. On Thursday Ether’s price rallied to almost $2,800 for the first time but quickly dropped later during the day.
The forthcoming EIP 1559 upgrade is a powerful catalyst for this recent bull run of ETH. Binance coin gained the most with a 550% increase in market cap and a 4.4% spike in crypto dominance.