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Saturday, April 17, 2021

Bitcoin Losing Dominance With Altcoins Surging Forward

A crash last week sent the prices of Bitcoin careening by almost 10% in just about a single day- which has brought much gloom to the market. But the present week has seen things been done differently- most of the markets in the crypto sector have already moved on to far greener pastures. Also, the price of BTC has gone up; but the dominance is still not there. Currently, the main currency in the crypto sector is going through a seven-month low. 

The current price of Bitcoin is somewhere in the same spot it was a few weeks back. Although they haven’t been able to get back to their all-time high price of around $61,684 that they had a few weeks back, the current price stands at $59,668. With that being said, it is also imperative that traders understand that the dominance of this cryptocurrency is on the down-low.

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When 2021 started, this currency was dominating 72% of the crypto market. Now, the coin has gone into a state of freefall- something that has led to a decline in the market dominance by around 58.47%. Market dominance simply measures the market cap of any particular currency, and how it stands against other tradable currencies in the market. 

Bitcoin Is An NPC today

To put it simply, Bitcoin is not what it was a few weeks back. Also, if we were putting things in perspective, the two main cryptocurrencies haven’t really fared well at all. Ethereum, for example, has barely managed to cross $2000- and while they have set an all-time high, it isn’t much. 20th February saw them briefly crossing the $2000 mark to hit $2,036. After that, it regressed and then never crossed the same for almost a month. It currently stands at $2,113.

The space for Bitcoin has been held by other cryptocurrencies like XRP, Polkadot, Uniswap, and others. And these altcoins have been surging forward for quite some time now. 

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